Arab Press

بالشعب و للشعب
Saturday, Jul 27, 2024

Adidas reveals when it will sell leftover Yeezy shoes from defunct Kanye West partnership

Adidas reveals when it will sell leftover Yeezy shoes from defunct Kanye West partnership

The company said it will donate the proceeds to organisations fighting antisemitism and racism when it first outlined the plans last week.

Adidas has announced it will start selling some of the shoes from its defunct Yeezy partnership with Kanye West at the end of this month.

The company said it will donate the proceeds to organisations fighting antisemitism and racism when it first outlined the plans last week.

The German sportswear maker was left with Yeezy shoes worth $1.3bn (£1bn) after cutting ties with West, who now goes by the name Ye, over antisemitic comments he made last year.

Adidas did not say how much it would donate, saying only a "significant amount" would be given to organisations including the Anti-Defamation League.

It will also donate proceeds to the Philonise & Keeta Floyd Institute for Social Change.

The institute is run by the brother of George Floyd - an unarmed black man who was murdered by a police officer in Minnesota in 2020.

"We believe this is the best solution as it respects the created designs and the produced shoes, it works for our people,
resolves an inventory problem, and will have a positive impact in our communities," CEO Bjoern Gulden said.

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


The release of some of the shoes marks the first time Adidas has sold Yeezy products to customers since ending the partnership in October.

The value of Yeezy shoes in the resale market has rocketed since, with some more than doubling in price.

Adidas did not specify whether it would seek to control the resale market for the shoes.

It said there could be further releases of Yeezy stock, but no decisions have been made on timing.

The announcement has no immediate impact on the group's 2023 outlook.

"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," Anti-Defamation League CEO Jonathan Greenblatt said.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Kamala Harris Pledges Action on Gaza Crisis after Netanyahu Meeting
Heatwave in Morocco Claims 21 Lives in Beni Mellal
Israel Warns France of Iranian Threats at Paris Olympics
Hamas and Fatah Sign Unity Pact Amid Gaza Conflict
Netanyahu Urges Unity Between US and Israel in Congress Speech
Netanyahu Criticizes Anti-Israel Protesters in US
World's Hottest Day Recorded on July 21
Sri Lanka Apologizes for Forced Cremation of Muslim Covid Victims
Hacking Vulnerabilities: Androids vs. iPhones
Israel Conducts First Direct Air Raid on Yemen's Hodeidah Port
Joe Biden Withdraws from 2024 US Presidential Race
A Week of Turmoil: Key Moments in US Politics
US Criticizes International Court's Opinion on Israeli Occupation
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
UAE Court Sentences 43 to Life Imprisonment Over Terrorist Links
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
Biden Affirms Commitment To Presidential Race
2024 Predicted to Be World's Hottest Year
Iran's President-Elect Masoud Pezeshkian Reiterates Support for Hezbollah
Biden Insists on Continuing Presidential Race Amid Criticism
US Officials Resign Over Biden's Gaza Policy
Campaigners Push for Emergency Uplift Visa for Palestinians Escaping Gaza Conflict
Netanyahu Criticizes Release of Gaza Hospital Head
UK Government and British Airways Sued Over 1990 Kuwait Hostage Incident
Afghan Women's Rights Declared Internal Issue by Taliban
UK Appeals to ICC May Delay Arrest Warrants for Israeli Leaders
Iran's Presidential Election: A Close Race
Iran Threatens Retaliation if Israel Attacks Lebanon
EU Enforces Sanctions on Hamas Financiers
UN Agency Sued by Israelis Over Alleged Aid to Hamas
United States Bans Kaspersky Antivirus
White House Cancels US-Israel Meeting Amid Netanyahu's Accusations
Muslim Community Leader Criticizes Nigel Farage for Undermining Muslims
Hezbollah Chief Threatens All of Israel Amidst Escalating Conflict
Canada Lists Iran's Revolutionary Guards as Terrorist Group
Iran Sentences Nobel Laureate Narges Mohammadi to 1-Year Prison Term for Propaganda
Japan Considers Sanctions on UAE-Based Entities for Aiding Russia
Israel Rescues Four Hostages from Gaza
Iran Approves Six Candidates for Presidential Election After Raisi's Death
Israeli Commander Resigns After Hamas' October 7 Attack
Israeli War Cabinet Minister Benny Gantz Resigns Over Gaza Strategy
UN to Add Israel to Human Rights Blacklist
Labour Party to Pledge Recognition of Palestinian State in Election Manifesto
Hamas Rejects Biden's Gaza Ceasefire Proposal as 'Just Words'
Hamas Has Not Responded To Latest Ceasefire Proposal: Qatar
State of Palestine Seeks to Join UN Court Case Accusing Israel of Genocide
Hezbollah Launches Drone Squadron Towards Israeli Military Targets
US-Built Pier in Gaza Faces Setbacks and Repairs
Norway, Ireland, and Spain Recognize Palestinian State
×