Adidas brought in 400 million euros ($437 million) from the first release of Yeezy sneakers left over after breaking ties with Ye
After Ye's antisemitic and other offensive comments led the company to end its partnership with the rapper in October, Adidas has sought a way to dispose of 1.2 billion euros worth of the high-end shoes in a responsible way.
“We will continue to carefully sell off more of the existing Yeezy inventory,” said CEO Bjørn Gulden, who took over in January. Adidas said it sold out the first batch of Yeezy shoes and launched a second release on Wednesday. “This is much better than destroying and writing off the inventory and allows us to make substantial donations to organizations like the Anti-Defamation League, the Philonise & Keeta Floyd Institute for Social Change and Robert Kraft’s Foundation to Combat Antisemitism,” Gulden said.
Several Jewish civic leaders contacted by The Associated Press said they weren’t planning to buy a pair of Yeezys themselves but generally welcomed the plan to support anti-hate organizations, saying the company is trying to make the best of a bad situation.The Adidas chief executive added that the Yeezy sales are"of course also helping both our cash flow and general financial strength.
Yeezy revenue from June were “largely in line" with sales seen in the same April-to-June period last year, Adidas said.. It has only said that"we will honor our contractual obligations and enforce our rights but will not share any more details.”
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