Kanye West‘s Yeezy sneakers will once again be sold by adidas after the company ended its partnership with him – but there’s a specific plan in place.
On May 11, adidas CEO Bjorn Gulden revealed the company created a short-term plan to salvage what can be salvaged by selling the remaining inventory.
“What we are trying to do now over time is sell parts of this inventory and donate money to the organizations that are helping us and that were also hurt by Kanye’s statements,” Gulden told investors at the time, according to Complex.
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On Wednesday (May 31), the plan went into action with adidas’ official site advertising the sale of “some of the remaining inventory,” noting that a “portion from the sale of these items will be donated in support of the fight against discrimination, hate, racism, and antisemitism.” The products include existing designs and designs initiated in 2022 for sale in 2023.
Today’s announcement has no immediate impact on the company’s current financial guidance for 2023.
In a press release, adidas revealed the benefiting organizations include the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change. They also added that additional releases of existing inventory are currently under consideration.
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“After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products,” Gulden said in a statement. “Selling and donating was the preferred option among all organizations and stakeholders we spoke to. We believe this is the best solution as it respects the created designs and produced shoes, it works for our people, resolves an inventory problem, and will have a positive impact in our communities. There is no place in sport or society for hate of any kind and we remain committed to fighting against it.”
Last October, adidas severed business ties with West over a string of antisemitic remarks he made in interviews and on social media. After terminating their contract, the company released a statement explaining the situation.
“adidas does not tolerate antisemitism and any other sort of hate speech,” the statement read. “Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.”
It continued: “After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. adidas will stop the adidas Yeezy business with immediate effect.”
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Amid their intense legal battle, West claimed during an interview with celebrity gossip outlet X17, that adidas had frozen his bank accounts. In a shocking turn of events, he turned out to be right.
On Tuesday (May 30), a Manhattan federal judge ruled in Kanye’s favor and denied adidas’ request for an emergency order to re-freeze $75 million held by the Yeezy brand. While this is a loss for adidas, Tuesday’s ruling only denied the emergency motion; adidas can still win a more conventional order in the coming days reimposing an asset freeze on Yeezy.
