Adidas will start selling out its inventory of Yeezy sneakers later this month

Adidas says it will start selling unsold Yeezy sneakers worth more than $1 billion later this month

NEW YORK — Adidas said Friday it will begin selling its remaining Yeezy sneakers worth more than $1 billion later this month, with the proceeds donated to various anti-racism groups.

The German sportswear brand said the winners will include the Anti-Defamation League, which fights anti-Semitism and other forms of discrimination, and the Philonise & Keeta Floyd Institute for Social Change, which is run by social justice campaigner Philonise Floyd, brother of George Floyd.

Adidas CEO Bjorn Gulden said in a statement: “After careful consideration, we decided to start releasing some remaining Adidas Yeezy products. Selling and donating was the preferred option among all the organizations and stakeholders we spoke to. There is no place in sport or society for hate.” of any kind and we remain committed to combating it.”

Yeezy products have not been available to shoppers since Adidas ended its partnership with Ye, formerly Kanye West, in October 2022 following his anti-Semitic comments on social media and in interviews.

Adidas said the items to be sold include existing designs as well as designs that were in the works in 2022 for sale this year.

At the annual meeting of Adidas shareholders earlier this month, Gulden said the company spent months trying to find solutions before deciding not to destroy the items and sell them on behalf of various charities hurt by what Ye said.

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The company said on Friday that the move has no immediate impact on the company’s current financial guidance for 2023.

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