Adidas would release a second batch of its high-end Yeezy sneakers after severing ties with rapper Ye, previously known as Kanye West, the company confirmed on Friday, July 28. It hopes to donate proceeds from the sale of the unsold shoes to organizations working to combat antisemitism.
Following a series of bargains in May, the German sportswear company will have another online sale beginning Wednesday, August 2, via its smartphone app and its website. The Yeezy Boost 350 V2, Yeezy Boost 500, Yeezy Boost 700, Yeezy Slide, and Yeezy Foam RNR will all be available.
Ongoing Fight Against Hate, Discrimination
As a result of Ye's antisemitic and other objectionable comments in internet posts and interviews in October 2022, the firm terminated connections with him. Because of this, Adidas was stuck with unsold Yeezys worth $1.3 billion and had to find an ethical method to get rid of them.
In May, Adidas CEO Bjørn Gulden remarked that selling the trendy shoes and giving part of the proceeds was the best way to deal with the unsold stock and make a difference. He claimed the business has spoken with nongovernmental organizations and other groups negatively affected by Ye's remarks and actions.
A portion of the proceeds from the sale of the Yeezy sneakers will be donated to the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, which is headed by George Floyd's brother and social justice activist Philonise Floyd.
Adidas said that it will be putting blue square pins from Robert Kraft's Foundation to Combat Anti-Semitism on shoes sold in North America as a way to show support for those who reject antisemitism, AP News reported.
When asked how many pairs would be available and how much of the revenues would be given, Adidas refused to answer. When asked whether Ye would get any kind of royalties from the sales, the company just said, "We will honor our contractual obligations and enforce our rights but will not share any more details."
Also Read: Adidas To Sell Leftover Yeezy Sneakers: Proceeds To Be Donated?
Firm's Financial Health
As reported earlier this week, the business' preliminary financial results for the second quarter were aided by the first sale of Yeezy sneakers. This also led to the company upgrading its projection for the year from a high single-digit fall in sales to a mid-single-digit decline.
That equates to an operational loss of 450 million euros (about $499 million) for the year but is better than the alternative of a loss of 700 million euros ($770 million) outlined in February, according to Bloomberg.
Adidas, which will release its profits for the first half of the year soon, predicted that continued Yeezy sales would increase its profitability even higher in the future.
Also Read: Adidas Faces Lawsuit Over Company's Yeezy Partnership with Rapper Ye
