Adidas Donates Over $120 Million From Its Leftover YEEZY Sales To Charity
In May this year, Adidas announced how it planned to deal with the US$1.3 billion worth of leftover YEEZY sneakers sitting in its locker.
Instead of destroying the unsold footwear, the company decided that it would put the remaining stock up for sale, with a portion of the proceeds donated to organizations that were affected by Kanye West’s anti-semitic and racist comments.
Now, Adidas has revealed it has donated €110 million (US$121 million) from its most recent YEEZY sales to charities, with an additional €100 million (US$110 million) to follow.
According to the brand’s Q2 financial report, a majority of the shoes were sold at full price, garnering an estimated €400 million (US$440 million)—or equivalent to 1% of the label’s growth last quarter.
While CEO Bjørn Gulden admitted that the firm had inherited a “very unfortunate” situation, it is now focusing on how to “limit the damage, get rid of the inventory, use the proceeds for good, and lead the business without Yeezy.”
[via Hypebeast and The New York Times, cover image via Thanee Hengpattanapong| Dreamstime.com and Albo | Dreamstime.com]
