Adidas plans to sell its stock of unsold Yeezy shoes and will donate the proceeds from the sales to charity.
Adidas to sell Yeezy shoes and donate proceeds months after Kanye West split
German sportswear company to sell a portion of its remaining Yeezy shoe inventory and donate the proceeds to charitable organizations.
(REPORT) ─ The sportswear brand has reveals plans to sell their $1.3 billion unsold Yeezy inventory and donate the proceeds to international organizations.
On Thursday (May 11), Adidas CEO Bjørn Gulden told reporters at the company's Annual General Meeting 2023 in Fuerth, Germany, that for the past few months, the company has been trying to figure out how to get rid of its inventory of Yeezy sneakers.
Before making a decision. One of the options included simply destroying the shoes, but the company ultimately decided against it, Gulden said.
"What we are trying to do now over time is to sell parts of this inventory and donate money to the organizations that are helping us and that were also hurt by Kanye's statements," he said.
Gulden added that the company is still working on the details of how and when the selloff will take place.
A tweet from a Kanye West's/Yeezy Fan Club Twitter page reporting Ye will receive a 15 percent commission from the sales of Yeezy. However, this information has yet to be confirmed.
It reads: "ADIDAS WILL START SELLING YZY AGAIN...PART OF PROCEEDS WILL GO TO INTERNATIONAL ORGANIZATIONS...YE WILL BE ENTITLED TO A 15% COMMISSION ON ALL GOODS SOLD"
The company has said the break-up could reduce its earnings by $439 million in the coming year and it reportedly has some $1.05 billion worth of unsold Yeezy shoes in storage.