Adidas to Sell Yeezy Shoes , and Donate Proceeds.
CEO Bjorn Gulden made the announcement
at a shareholder meeting on May 11,
'The Washington Post' reports. .
Adidas had previously considered destroying the merchandise after cutting ties with
Kanye West over his antisemitic remarks. .
Adidas had previously considered destroying the merchandise after cutting ties with
Kanye West over his antisemitic remarks. .
The company also considered rebranding or liquidating the merchandise.
Ultimately, they settled
on donating the proceeds.
Burning is not the solution, Bjorn Gulden, Adidas CEO, via shareholder meeting.
What we are trying to do over time is to sell parts of these goods and then donate to organizations that help us and that also have been hurt by Kanye’s statements, Bjorn Gulden, Adidas CEO, via shareholder meeting.
Analysts estimate that the unsold stock
is worth about $500 million.
It's not clear if part or
all of the proceeds will be donated. .
Adidas shares rose 2%
after the announcement.
However, the company is also facing a lawsuit from investors who allege Adidas knew about West's behavior years before ending their partnership and failed to act sooner