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

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

Adidas has started selling off its remaining Yeezy sneakers, seven months after ending its partnership with artist Ye (formerly Kanye West).

Background: Adidas cut ties with Ye in October due to a string of antisemitic remarks.
* The company plans to donate a “significant amount” of money made from the Yeezy inventory to organizations fighting antisemitism, racism, and hate, such as the Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change.

Financial impact: Adidas estimated that not selling Yeezy merchandise would reduce its full-year revenue by about $1.28 billion and operating profit by $533 million.
* In the first quarter, the discontinuation of the Yeezy business cost Adidas nearly $440 million in sales.

Legal developments: In April, investors sued Adidas over Ye’s remarks, accusing the company of knowing about Ye’s behavior years before ending the collaboration.
* Adidas has denied the allegations.

View original article on NPR

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