Kanye West & Adidas To Donate Yeezy Proceeds To George Floyd’s Family Foundation

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Kanye West and Adidas has finalized their plans to get rid of its remaining Yeezy inventory after months of debate.

Adidas announced on Friday, May 19, that they will sell their inventory of Yeezy sneakers by the end of May 2023.

The Anti-Defamation League and Philonise & Keeta Floyd Institute for Social Change will each receive a portion of the sales proceeds. Kanye West’s offensive statements last year had a negative impact on each of these organizations.

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“After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products,” said Adidas CEO Bjørn Gulden in a press release. “Selling and donating was the preferred option among all organizations and stakeholders we spoke to.

“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. There is no place in sport or society for hate of any kind and we remain committed to fighting against it.”

“At a time when antisemitism has reached historic levels in the U.S. and is rising globally, we appreciate how Adidas turned a negative situation into a very positive outcome. They have shown real thoughtfulness in engaging with community organizations working to combat this pernicious and stubborn hatred,” added Jonathan A. Greenblatt, ADL CEO.

“Their leadership, in not only condemning anti-Jewish hate but lending their support for education and other initiatives, is exemplary and a model for other public companies to emulate. We thank them for their ongoing dialogue around their remaining inventory and their vested interest in tackling issues of prejudice and hate.”

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Adidas lost $1.3 billion in the fourth quarter due to the loss of Yeezy revenue.  Adidas’ decision to sell remaining items was based on finances rather than what Gulden termed a “reputational risk” for the company because additional $441 million in losses accumulated during the previous two quarters.

Prior to this, Ye had reached an agreement with adidas to sell nearly $500m worth of Yeezy inventory after months of back and forth.

Meanwhile, a range of existing Yeezy kicks will be available exclusively through adidas.com/yeezy at the end of the month. The press release states that this is the last chance for customers to purchase shoes from the now-defunct brand.