Adidas begins selling off Yeezy brand sneakers, 7 months after cutting ties with Ye

2024-12-25 11:09:26 source:lotradecoin updates category:Scams

Adidas has begun selling off sneakers that were created in partnership with the artist Ye (formerly Kanye West) before the German sportswear company cut ties with the celebrity.

Adidas says a "significant amount" of money made from its remaining inventory of the "Yeezy" brand sneakers will be donated to organizations that are fighting antisemitism, racism and hate, including the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change, founded by George Floyd's brother.

Adidas ended its partnership with Ye in October, after he made a string of antisemitic remarks.

It's still unclear whether Ye will receive any profits from the shoes, which currently range in price from $70 to $260 a pair and went on sale in the U.S. on Wednesday.

The company says it consulted with "a diverse group" of employees, organizations and consumers before deciding what to do with the leftover product. Adidas said it followed through on committed production orders even after the partnership was terminated in order to protect supply chain partners.

In February, Adidas estimated that the decision to not sell the existing Yeezy merchandise would cut the company's full-year revenue by about $1.28 billion and its operating profit by $533 million. In the first quarter alone, the discontinuation of the Yeezy business cost Adidas nearly $440 million in sales.

In April, investors announced they would sue Adidas over Ye's remarks, blaming the company for knowing about Ye's problematic behavior years before cutting ties with him and ending the collaboration. Adidas denied the allegations.

NPR's Emily Olson contributed reporting.

More:Scams

Recommend

Trump will be honored as Time’s Person of the Year and ring the New York Stock Exchange bell

NEW YORK (AP) — About six months ago, Donald Trumpwas sitting in a courtroom in lower Manhattan list

Fears about Amazon and Microsoft cloud computing dominance trigger UK probe

LONDON (AP) — Concerns from regulators about the dominance of Amazon and Microsoft in Britain’s clou

Trains collide in northern Polish city, injuring 3 people, local media reports

WARSAW, Poland (AP) — Polish media are reporting that two trains collided head-on in the northern ci