Adidas to sell $1.3 billion worth of Yeezy shoes, donate proceeds to charities

A sign advertises Yeezy shoes made by Adidas at Kickclusive, a sneaker resale store, in Paramus, New Jersey, in 2022. The company saw operating earnings dwindle in the first three months of this year as the German sportswear company’s breakup with Kanye West and his popular Yeezy shoe brand cost it $441 million in lost sales. (AP)

WASHINGTON — After months wrestling over the fate of milions of unsold Yeezy shoes, Adidas has decided to sell a portion of its remaining inventory and donate the proceeds to chartitable organizations, CEO of the German sportbrand Bjørn Gulden said Thursday.

Adidas cut ties with Ye, the rapper formerly known as Kanye West, in late October, following his antisemitic comments on social media and in interviews. As a result, the fate of $1.3 billion worth of the unsold Yeezys, a lucrative sneaker line launched with Ye, was unknown.