FRANKFURT, Germany. Adidas announced on Friday its plans to release a second batch of high-end Yeezy sneakers following its decision to cut ties with rapper Kanye West, previously known as Ye. The German sportswear brand aims to sell the unsold shoes while also supporting organizations fighting against antisemitism.
The online sale, scheduled to begin on Wednesday through Adidas smartphone apps and its website, comes after a previous set of sales in May. The available models will include the Yeezy Boost 350 V2, 500, and 700, as well as the Yeezy Slide and Foam RNR.
Adidas severed its association with Kanye West in October after he made antisemitic and offensive remarks online and in interviews. As a result, Adidas was left with 1.2 billion euros ($1.3 billion) worth of unsold Yeezys and sought a responsible approach to handle the surplus inventory.
Adidas CEO Bjørn Gulden stated in May that selling the popular sneakers and donating a portion of the profits would be the best solution to address the unsold inventory and make a positive impact. The company consulted with nongovernmental organizations and groups affected by Ye’s comments and actions.
A portion of the proceeds from the Yeezy shoe sales will be donated to the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, an organization led by social justice advocate Philonise Floyd, the brother of George Floyd.
Shoes sold directly by Adidas in North America will feature blue square pins provided by Robert Kraft’s Foundation to Combat Anti-Semitism as a symbol of solidarity against antisemitism.
Adidas did not disclose the specific number of shoes to be released for sale or the exact amount to be donated. When asked about royalties for Kanye West from the sales, the company only stated that they would honor contractual obligations and enforce their rights without sharing further details.
On Monday, the company reported that the initial sale of Yeezy shoes had a positive impact on its preliminary second-quarter financial results and contributed to an improved outlook for the year. The projected revenue decline for the year was adjusted from high single digits to mid-single digits, resulting in an estimated operating loss of 450 million euros (over $494 million) instead of 700 million euros.
Adidas, which is set to announce its earnings for the first half of the year on Thursday, expressed confidence that future Yeezy sales would continue to boost its financial performance.
Carlo Juancho FuntanillaFrontend Developer, WordPress, Shopify
Contributing Editor
AMA ACLC San Pablo
