Adidas announced it will sell the Yeezy shoes and donate the proceeds (Bloomberg)
adidas plans to sell his Stock of Yeezy sneakers And donate proceeds for charity, the CEO informed shareholders Bjorn Gulden This Thursday.
The company parted ways with Ye, the former rapper and fashion designer KanyeWest, late last year after making a series of anti-Semitic comments. Adidas’ Yeezy line partnership with Ye was one of the most successful, generating according to estimates almost 10% of the company’s annual sales. In early February, Adidas warned of a confrontation losses firmly if he couldn’t sell his stock, which begs the question of what he would do with that controversial shoe.
It seems that the company decided not to destroy them.
Despite the fact that the Yeezy line was one of the most successful, Adidas ended its contract with Ye after its controversies (Portal)
“Burning them is not a solution”said Gulden at the company’s annual general meeting. The company consulted various non-governmental organizations before reaching a solution, he said.
“What we’re trying to do over time is sell some of those products and then.” Donate them to organizations who help us and who also were harmed by Kanye’s statementsGulden added.
If Adidas sells the shoes, that would put an end to months of back-and-forth in which the footwear brand has pondered various possible solutions, none of which have left the company unscathed. Options included renaming the signature sneakers, liquidating them, or donating them in some way. Another alternative was to destroy the sneakers, a practice that has drawn criticism from some retailers and designer brands in recent years over environmental concerns.
Last November, those responsible at Adidas reiterated that they could offset the “vast majority” of losses by changing shoe brands, that costs between $200 and almost $600, Sell them at a discount. Gulden later pointed out that the company may not sell any of the products that remain with Adidas an unsold stock which according to analysts has a value of up to $500 million.
Money from sales will be donated to organizations harmed by Kanye’s statements (Portal)
The company ended its relationship with Ye in late October following a spate of controversy. Appears in his fashion show Paris fashion week with a t shirt “White Lives Matter” and then made anti-Semitic comments on Instagram and Twitter, which he reinforced in an unaired snippet of an interview with the then-Fox News host Tucker Carlson.
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