Adidas sells first batch of leftover Kanye West Yeezys for £340m
nme.comKanye West‘s leftover Yeezy stock and raised $437million (£340m).The sportswear brand cut ties with Ye following a series of remarks from the rapper last year that were viewed as anti-Semitic, having worked together for years on the Yeezy brand.It was then revealed that Adidas would sell leftover Yeezys and donate a portion of the profits to charity.Now, they have announced the huge sale of the first batch of products, with money from the sales going towards organisations and charities supporting those most affected by the rapper’s comments.Among those receiving funds from the sale are The Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, founded by George Floyd’s brother Philonise.Speaking of the sale, Adidas CEO Bjørn Gulden said: “This is much better than destroying and writing off the inventory and allows us to make substantial donations.”Earlier this year, Gulden admitted that the sportswear company’s severed partnership with West and his Yeezy brand was “hurting” the business.Gulden shared that sales were particularly affected in North America, which had seen a 20 per cent loss.
The Yeezy loss also cut sales by €400m (£350 million) in the first quarter of 2023.Elsewhere, earlier this year it was reported that West had opened a new Yeezy office in Los Angeles next door to a building owned by Adidas..
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