Adidas has announced it will begin selling some of the shoes from its defunct Yeezy partnership with Kanye West later this month.
The company said it will donate proceeds to organizations fighting anti-Semitism and racism when first outlined the plans last week.
The German sportswear maker is left with $1.3bn (£1bn) worth of Yeezy shoes after cutting ties with Westwho is now called Ye, for the anti-Semitic comments he made last year.
Adidas did not say how much it would donate, saying only a “significant amount” would be given to organizations including the Anti-Defamation League.
It will also donate proceeds to the Philonise & Keeta Floyd Institute for Social Change.
The institute is managed by the brother of George Floyd – an unarmed black man murdered by a police officer in Minnesota in 2020.
“We believe this is the best solution as it respects the designs created and the shoes produced, it works for our people,
solves an inventory problem and will have a positive impact in our communities,” said CEO Bjoern Gulden.
“There is no place in sport or society for hate of any kind and we remain committed to fighting it.”
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photo: AP
The release of some of the shoes marks the first time Adidas has sold Yeezy products to customers since the partnership ended in October.
Since then the value of Yeezy shoes in the resale market has soared, with the price more than doubling.
Adidas did not specify whether it will try to control the shoe resale market.
He said there could be more Yeezy stock releases, but no decisions have been made on timing.
The announcement has no immediate impact on the group’s 2023 outlook.
“At a time when anti-Semitism has reached historic levels in the United States and is growing globally, we appreciate how Adidas has turned a negative situation into a very positive outcome,” said the Anti-Defamation CEO. League Jonathan Greenblatt.
