Adidas AG plans to start selling off its inventory of Yeezy shoes to raise money for charity by the end of May, seven months after yanking the shoes, the company
ADS,
said on Friday.
Adidas said the shoes will be available exclusively through its own website, adidas.com, and the company’s Confirmed app, and that a “significant” amount of the proceeds will be donated to antihate organizations like the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change.
In October, Adidas terminated its partnership with Ye — the rapper formerly known as Kanye West and the shoes’ designer — over his anti-Semitic remarks.
Read: Adidas finally reveals its plan for millions of unsold Yeezy shoes: to sell them for charity
“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,” said Bjørn Gulden, chief executive of Adidas, in a statement.
“The products will be existing designs and designs initiated in 2022 for sale in 2023. Additional releases of existing inventory are currently under consideration, but timing is yet to be determined,” Adidas said in a statement. “Today’s announcement has no immediate impact on the company’s current financial guidance for 2023.”
Last week, Adidas said it would sell the shoes — an estimated $1.2 billion in inventory — to raise money for charity.
