The shoes go on sale at an adidas store on February 10, 2023 in Chicago, Illinois.
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Adidas It intends to sell a portion of Yeezy’s remaining inventory and donate the money to charities hurt by Ye’s anti-Semitic comments, the company’s CEO said Thursday.
The CEO, Bjorn Golden, did not say which charities he was considering.
“When and how we will do it remains to be seen but we are working on it,” he said.
At one point, the company considered burning the goods.
“Burning the shoe can’t be the solution,” Golden said. He says he came to this conclusion after speaking with several NGOs and learning about the environmental damage.
At his first annual meet with the German company, Golden said it was right that Adidas was terminating the contract of its biggest star, Yi, the artist formerly known as Kanye West.
“He’s a tough guy, but arguably the most creative person in our industry,” he said. “He created a model with Adidas that was in demand around the world,” he added.
Golden took over Adidas on January 3rd. No. 1, after the departure of CEO Kasper Rorsted. He previously worked for rival company Puma.
What to do with the fading sneaker brand has sparked controversy. Gulden said he’s received more than 500 offers for Yeezy leftovers.
Adidas’ recent earnings beat expectations but were hit by Yeezy inventory buildup. “The lifestyle decline and the loss of Yeezy hurt, of course,” Golden said during his company’s May 5 earnings call.
The company parted ways with Ye in October after months of bizarre behavior and anti-Semitic comments from the hip-hop artist.
The split left Adidas with inventory levels worth $500 million worth of sneakers, with a sale value of more than $1 billion, according to the company.