As adidas resumes to sell its unsold Yeezy stock, the sportswear giant is following up on its promise to donate part of its proceeds to charity.
After adidas cut ties with Ye last year following a barrage of controversial statements and interviews, the three stripes was left with more than a billion dollars worth of unsold Yeezy sneakers.
Unsure what to do with all the remaining stock, adidas decided to eventually sell the remaining stock and donate part of the proceeds to charities and anti-hate groups.
adidas CEO, Bjørn Gulden, said of the situation:
“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 and Keeta Floyd Institute for Social Change and Robert Kraft’s Foundation to Combat Antisemitism”
After earning $437 million from sales of its Yeezy stock this past quarter, adidas has decided to donate $110 million of that figure to groups fighting antisemitism and other forms of hate.
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