Adidas sells part of Yeezy collection and donates proceeds

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Most of the proceeds will be donated to nonprofits “working against discrimination and hatred, including racism and anti-Semitism,” a company from Herzogenaurach, Germany, announced on Friday. This includes an organization run by George Floyd’s brother.

Sales of Yeezy products were suspended after Adidas terminated its collaboration with the 45-year-old rapper with immediate effect in October after he made threats against Jews on Twitter. The Yeezy sneaker line developed and promoted in collaboration with West – and hugely successful – was thus discontinued. For Adidas, this was a huge blow to business.

Adidas did not share how many products should be sold from the warehouse anymore through its official website and an application. Whether and when to bring other products to the market is currently under review. Since the dissolution of the Yeezy partnership, the company has studied various scenarios for possible use of inventory to deal with it as responsibly as possible. In this context, opinions were received from many groups, employees, organizations and customers.

The company said that after its partnership with Kanye West ended, it was maintaining contracted production orders to protect its supply chain partners from the negative consequences of cancellations. “Sales and donations were the preferred option for every organization and stakeholder we spoke to,” said Björn Gulden, CEO of Adidas.

Adidas said donations will go to organizations like the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change. Philonise Floyd is George Floyd’s sister. Adidas wants to work together to support community programs through sport and education “to leave a lasting legacy”.

George Floyd died in Minneapolis in May 2020 after white police officer Derek Chauvin knelt on his neck for nine and a half minutes. The case triggered months of widespread protests against police brutality and racism in the United States and many other countries. Chauvin was sentenced to 22 years and 6 months in prison.

Adidas’ prematurely terminated collaboration with the controversial US rapper continues to weigh on the sporting goods manufacturer’s business. The company recorded a loss of 39 million euros in the first quarter of this year. Adidas said Friday’s announcement “had no immediate impact on the company’s current financial forecast for 2023.”

(SDA)

Source :Blick