Adidas To Donate Profits From YEEZY Resale To Charities Fighting Racism
Previously, Adidas finally laid out plans on how to deal with the US$1.3 billion worth of unsold YEEZY sneakers in its locker. The sportswear giant found itself saddled with boxes and boxes of unsold merchandise after its lucrative partnership with Kanye West came to an abrupt end.
Instead of simply destroying all the leftover footwear, which would be a sustainability nightmare for the ages, the company decided to sell off the remaining stock and donate the profits to organizations that were hurt by Kanye’s anti-semitic and racist statements.
Now, it appears Adidas has worked everything out, as it recently announced the organizations that will benefit from the sale of the popular collection. The firm said that proceeds will go to the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change.
The former, which the company dubbed a “leading anti-hate organization,” has been a global leader in “combating anti-semitism, countering extremism, and battling bigotry wherever and whenever it happens.”
Whereas, the institute, which was founded by George Floyd’s brother in the aftermath of his passing, is one that works “to eliminate the daily impacts of police brutality, criminal justice reform, and systemic racism.”
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In addition to donating monetary funds, Adidas confirmed it will be partnering with the organization on creating community programs, such as in sports and education, that will help “leave a lasting legacy.”
“After careful consideration, we have decided to begin releasing some of the remaining Adidas YEEZY products. Selling and donating was the preferred option among all organizations and stakeholders we spoke to,” revealed Adidas CEO Bjørn Gulden.
“We believe this is the best solution as it respects the created designs and produced shoes, it works for our people, resolves an inventory problem, and will have a positive impact in our communities,” he added.
However, as per the BBC, due to the terms of the partnership, West will still receive some of the proceeds of the resale. Adidas is currently facing a lawsuit from investors who allege the brand knew about the mogul’s problematic behavior beforehand.
Adidas has rejected the “unfounded claims” by stakeholders and said it would be taking “all necessary measures to vigorously defend” itself against the allegations. The YEEZY resale is scheduled to begin at the end of the month.
