Adidas to sell off unsold Yeezy stock and share revenues with anti-discrimination organisations

completemusicupdate.com:

Adidas announced on Friday that it plans to sell off the Yeezy products it has been sitting on ever since its partnership with Kanye West collapsed last year, with “a significant amount” of the money generated going to organisations that combat discrimination and hate.The sportswear company announced in October that it was terminating its long-running and very profitable alliance with West after his increasingly controversial racist and antisemitic statements made the partnership untenable.

The sudden axing of the deal around West’s Yeezy brand left Adidas sitting on a lot of unsold stock and the company has been figuring out what to do with it ever since.Friday’s announcement said that some of that stock will now be put on sale via the Adidas website and app before the end of this month.

And a “significant amount” of any monies generated by the sale of those products will be “donated to selected organisations working to combat discrimination and hate, including racism and antisemitism”.This approach has been adopted after a consultation of employees, community groups and consumers, the announcement added.

Among the organisations set to benefit financially are the Anti-Defamation League and the Philonise & Keeta Floyd Institute For Social Change.The products initially up for sale will be “existing designs and designs initiated in 2022 for sale in 2023″, plus “additional releases of existing inventory are currently under consideration, but timing is yet to be determined”.On the decision to start selling the Yeezy stock his company is sitting on, Adidas CEO Bjørn Gulden says: “After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products.