Adidas recently announced that it will be donating a significant amount of the proceeds from its Yeezy shoes to various organizations, including the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change.
This decision comes after Adidas cut ties with West, also known as Ye, due to his antisemitic comments.
The sportswear company was left with Yeezy shoes worth 1.2 billion euros ($1.3 billion) and has decided to turn a negative situation into a positive outcome.
Adidas CEO Bjoern Gulden stated, ‘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.
There is no place in sport or society for hate of any kind, and we remain committed to fighting against it.’
This move by Adidas marks the first time the company is selling Yeezy products to customers since ending its partnership with West in October.
The release of these shoes has generated significant demand in the resale market, with some models more than doubling in price.
Adidas has not yet decided whether it will seek to control the resale market for the shoes.
While the exact amount of the donation was not disclosed, it is confirmed that Ye will be entitled to previously agreed commissions of 15% of turnover from each shoe sale.
Adidas has chosen not to comment further on this matter.
Additionally, the company has not made any decisions on the timing of future Yeezy stock releases.
Jonathan Greenblatt, CEO of the Anti-Defamation League, expressed appreciation for Adidas’ actions, stating, ‘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.’ Adidas has already donated $1 million to the ADL in November, further strengthening their relationship.
The Philonise & Keeta Floyd Institute for Social Change is one of the organizations that will benefit from Adidas’ planned donation.
However, the institute did not immediately respond to requests for comment regarding the donation..
