A pair of Yeezy shoes are seen in a Foot Locker store on the day Adidas terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. (REUTERS)
FRANKFURT – Adidas will start selling some of the shoes from its defunct Yeezy partnership with rapper Kanye West at the end of May, the company said on Friday, and plans to donate the proceeds to organizations fighting antisemitism and racism.
The news fleshes out plans initially outlined last week and follows Adidas’ move to cut ties with West, who goes by Ye, over antisemitic comments he made last year, leaving the German sportswear maker with Yeezy shoes worth 1.2 billion euros ($1.3 billion).
Adidas did not say how much it would donate, saying only a “significant amount” would be given to organizations including the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, run by George Floyd’s brother, which aims to fight systemic racism in the United States.
“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 then, with some models more than doubling in price. Adidas did not specify whether it would seek to control the resale market for the shoes.
Adidas 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.
The Philonise & Keeta Floyd Institute for Social Change did not immediately respond to a request for comment on Adidas’ planned donation.