Earlier this month, it was revealed that Adidas has over $1.3 billion of unsold product from their partnership with Kanye West. In a conference, Adidas CEO Bjorn Gulden said that “options are narrowing,” but the company was “getting closer and closer to making a decision.”
Today (May 11), Gulden shared that they will sell the remaining product and a portion of proceeds will be donated to charity, according to Complex. The rapper will reportedly receive 15 percent of sales due to the contract. Gulden reasoned that “burning several million pairs [of shoes] does not make sense.”
“What we are trying to do now over time is sell parts of this inventory and donate money to the organizations that are helping us and that were also hurt by Kanye’s statements,” Gulden said.
Adidas severed their ties with West in October of last year. A statement at the time read: “Adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect, and fairness. After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products, and stop all payments to Ye and his companies. Adidas will stop the Adidas Yeezy business with immediate effect.”