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Adidas AG has finally made its decision on what to do with the remaining Yeezy sneakers still in its possession. The company’s chief executive officer, Bjoern Gulden, announced during the annual shareholder meeting that was held on Thursday, May 11, that rather than burning the Yeezy stocks, they decided to sell and would donate some of the proceeds.
Adidas said it would distribute part of the sales to international organizations but did not mention a specific charity. He confirmed to shareholders that they still have millions of Yeezy pairs that needed to be disposed of after it abolished this product line that was created in partnership with Kanye West.
For months, the German sneaker and sports apparel maker has been contemplating about what to do with the leftover Yeezy products since it already cut ties with the American rapper due to his anti-Semitic remarks and other controversies related to his unpleasant behavior. The company did not deny that it suffered heavy losses after the collaboration with Ye ended, but it remained firm with its decision.
Adidas still has millions of Yeezys in its inventory, and they could be worth €1.2 billion or about $1.3 billion. They are in the warehouses after they were pulled out from the market, and the company has stopped producing them as well.
Now, after considering all its options on how to deal with the Yeezy products, Gulden said the management has now ruled out burning them. This decision was also reached with thoughts on sustainability concerns, as per Reuters.
"What we are trying to do now over time is to sell some of this merchandise and burning the goods would not be a solution," he told the investors.
He also explained that they crossed out the suggestion of donating several millions of shoes because people may take advantage of this, and pairs of Yeezys may find their way to the market.
Industry consultant and former employee of Adidas, Ed Stoner, commented that the company made the right decision. “It is a smart and responsible move. It not only preserves the brand's integrity but avoids a sustainability crisis."
Photo by: David Lezcano/Unsplash
