Adidas has announced that proceeds from the sale of its remaining Yeezy inventory will be donated to charity.
On Friday (May 19), the company announced that it will begin selling Yeezy products from the inventory later this month, as well as its plan to donate the proceeds to the Philonise & Keeta Floyd Institute for Social Change, the family foundation of police brutality victim George Floyd.
“After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products,” said Adidas CEO Bjørn Gulden in a press release. “Selling and donating was the preferred option among all organizations and stakeholders we spoke to. We believe this is the best solution as it 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. There is no place in sport or society for hate of any kind and we remain committed to fighting against it.”
In addition to the Philonise & Keeta Floyd Institute, proceeds from Yeezy sales will also be donated to the Anti-Defamation League. The gesture comes in light of Kanye West’s prior statements about the Jewish community and others. Jonathan A. Greenblatt, Anti-Defamation League CEO, commended Adidas for its efforts to fight against injustice and division while contributing to a great cause.
“At a time when antisemitism has reached historic levels in the U.S. and is rising globally, we appreciate how Adidas turned a negative situation into a very positive outcome. They have shown real thoughtfulness in engaging with community organizations working to combat this pernicious and stubborn hatred,” Greenblatt said.
“Their leadership, in not only condemning anti-Jewish hate but lending their support for education and other initiatives, is exemplary and a model for other public companies to emulate. We thank them for their ongoing dialogue around their remaining inventory and their vested interest in tackling issues of prejudice and hate.”
In February, it was reported that Kanye West, who split with the brand in September 2022, had reached a deal with Adidas to sell the remaining Yeezy inventory, which is valued at approximately $500 million. Yeezy products will be available for purchase exclusively through adidas.com/yeezy.