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| Adidas Starts Unloading Its Yeezy Gear, to Benefit Anti-Hate Groups | Adidas Starts Unloading Its Yeezy Gear, to Benefit Anti-Hate Groups |
| (about 2 hours later) | |
| Adidas is going to start selling the first pairs of its leftover Yeezy sneakers, a step toward resolving a $1.3 billion inventory headache that has plagued the sportswear company since it severed ties with Kanye West, the rapper known as Ye, over a string of antisemitic remarks by the musician. | Adidas is going to start selling the first pairs of its leftover Yeezy sneakers, a step toward resolving a $1.3 billion inventory headache that has plagued the sportswear company since it severed ties with Kanye West, the rapper known as Ye, over a string of antisemitic remarks by the musician. |
| Adidas said a “significant amount” of the proceeds would go to groups and organizations representing people who had been hurt by Ye’s remarks. The company had consulted with several of them in discussions leading up to the plan, Bjorn Gulden, the company’s chief executive, said in a statement. | Adidas said a “significant amount” of the proceeds would go to groups and organizations representing people who had been hurt by Ye’s remarks. The company had consulted with several of them in discussions leading up to the plan, Bjorn Gulden, the company’s chief executive, said in a statement. |
| This solution “respects the created designs and produced shoes; it works for our people, resolves an inventory problem and will have a positive impact in our communities,” said Mr. Gulden, who took the helm of Adidas in January. “There is no place in sport or society for hate of any kind and we remain committed to fighting against it.” | This solution “respects the created designs and produced shoes; it works for our people, resolves an inventory problem and will have a positive impact in our communities,” said Mr. Gulden, who took the helm of Adidas in January. “There is no place in sport or society for hate of any kind and we remain committed to fighting against it.” |
| The postings on Adidas’s website of Yeezy Boost 350 V2 sneakers, in black and two-toned red and gray, selling for 200 euros a pair, or about $213, generated buzz over social media, reflecting the enduring popularity of the brand. The shoes go on sale Thursday. | The postings on Adidas’s website of Yeezy Boost 350 V2 sneakers, in black and two-toned red and gray, selling for 200 euros a pair, or about $213, generated buzz over social media, reflecting the enduring popularity of the brand. The shoes go on sale Thursday. |
| Adidas said its decision to sever ties with Ye cost the company €1.2 billion in lost sales and about €500 million in profit this year. | Adidas said its decision to sever ties with Ye cost the company €1.2 billion in lost sales and about €500 million in profit this year. |
| Options for eliminating the inventory ranged from burning it to donating it to the needy. Mr. Gulden called figuring out what to do with the remaining stock “one of the most difficult decisions that I have been a part of.” | Options for eliminating the inventory ranged from burning it to donating it to the needy. Mr. Gulden called figuring out what to do with the remaining stock “one of the most difficult decisions that I have been a part of.” |
| But Yeezy shoes have been known to sell for up to $1,000 a pair and remain popular despite their association with Ye. So the company said it had made the decision in consultation with groups including Black Lives Matter and the Philonise & Keeta Floyd Institute for Social Change, which is run by Philonise Floyd, the brother of George Floyd. | But Yeezy shoes have been known to sell for up to $1,000 a pair and remain popular despite their association with Ye. So the company said it had made the decision in consultation with groups including Black Lives Matter and the Philonise & Keeta Floyd Institute for Social Change, which is run by Philonise Floyd, the brother of George Floyd. |
| Jonathan A. Greenblatt, chief executive of the Anti-Defamation League, which is among the groups that will benefit from the proceeds of the sale, welcomed Adidas’s decision as one fitting the complexity of the problem. | Jonathan A. Greenblatt, chief executive of the Anti-Defamation League, which is among the groups that will benefit from the proceeds of the sale, welcomed Adidas’s decision as one fitting the complexity of the problem. |