2023-05-19 20:42:59
MODE
Adidas will sell part of its stock of Yeezy sneakers at the end of May
Part of the profits generated by the sale of these sneakers produced with the controversial rapper Kanye West will be donated to NGOs, including the ADL, which fights against anti-Semitism.
Posted
Models will be sold exclusively on adidas.com/yeezy and the Adidas CONFIRMED app.
Getty Images via AFP
The German sports equipment manufacturer had broken off its collaboration with the controversial American rapper in October 2022, who had made anti-Semitic remarks. On May 11, Adidas had already indicated that it wanted to donate part of the profits from a partial sale of the sneakers to NGOs, but without naming which ones.
In its press release on Friday, Adidas revealed the names of two NGOs: the Anti-Defamation League (the Anti-Defamation League, editor’s note) or ADL, founded in the United States in 1913 whose goal is to fight against all forms of anti-Semitism, as well as an NGO created by Philonise Floyd, brother of George Floyd, who died under the knee of a white police officer in May 2020 in Minneapolis (USA) during his arrest.
The German group did not mention other NGOs in its press release but has already indicated that they would not be the only beneficiaries.
A stock worth 500 million euros
Adidas did not detail how many sneakers it expects to sell at the end of May, or how much it expects to make from them. He only wrote that a “range of existing models will be available exclusively” on the adidas.com/yeezy website and the Adidas CONFIRMED app.
At the end of March, the value of the stock of Yeezy shoes remaining on the arms of the equipment manufacturer was calculated at 500 million euros – production cost –, likely to generate revenues of 1.2 billion euros on sale.
The divorce between Adidas and Kanye West (now known as Ye) has wreaked havoc on the finances of the German group which started the year with a new quarterly loss of 39 million euros, after a calamitous 2022 financial year.
Developed since 2014, the Yeezy sneaker collection had enjoyed phenomenal success that helped make Kanye West a billionaire.
(AFP)
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