WASHINGTON (AP) — Some of Adidas’ remaining Yeezy shoes are back on sale — months after the German sporting goods company cut ties with Ye, the rapper formerly known as Kanye West.
Adidas ended its years-long partnership with Ye in late October, in light of his anti-Semitic remarks and other harmful behavior. In the months that followed, the fate of 1.2 billion euros ($1.3 billion) of unsold Yeezys remained unknown – until earlier this month, when Adidas CEO Bjørn Gulden said announced that the company would sell some of the remaining inventory and donate some of the inventory. product to social justice organizations.
The first batch of remaining Yeezys from Adidas went on sale Wednesday. At this time, the sneakers appear to be available through Adidas’ “Confirmed” app, according to the retailer’s website. A portion of the proceeds will be donated to organizations including the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, Adidas said.
Wednesday’s release marks Adidas’ first sale of Yeezys since the partnership ended in October. Yeezy products going on sale will include already existing models as well as those that launched in 2022 and are slated for release in 2023, Adidas previously noted.
“We believe that (selling and donating these Yeezys) is the best solution because it respects the designs created and the shoes produced, it works for our employees, solves an inventory problem and will have a positive impact in our communities,” said Gulden in a May 19 statement.
At an annual shareholder meeting on May 11, Gulden explained that the company made the decision to sell and donate Yeezys after speaking with non-governmental organizations and groups who had been harmed by the comments and actions of Yes.
Some details of Adidas’ plans are still unclear, including how many Yeezys will eventually go on sale and how much of the sales will be donated. The Associated Press contacted Adidas for more information on Wednesday.
Cutting ties with Ye cost Adidas hundreds of millions of dollars, contributing to a 600 million euro ($655 million) loss in sales for the last three months of 2022, leading the company to a quarterly net loss of 513 million euros.
Adidas reported 400 million euros ($441 million) in lost sales in early 2023, the company announced earlier this month.
Net sales fell 1% in the first quarter to 5.27 billion euros, the company said. It recorded a net loss of 24 million euros, a fall from a profit of 310 million euros in the same period a year ago.
Operating profit, which excludes certain items such as taxes, fell to 60 million euros from 437 million euros a year earlier.
Meanwhile, investors also filed a class action lawsuit against Adidas in late April, alleging the company knew about Ye’s offensive remarks and prejudicial behavior years before ending its pact with him. Adidas has pushed back against the allegations.
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AP Business Writer David McHugh in Frankfurt, Germany and AP Retail Writer Anne D’Innocenzio in New York contributed to this report.