BERLIN (Pakistan Point News / Sputnik - 11th May, 2023) German sportswear giant Adidas will sell part of its stock of Kanye West Yeezy shoes and accessories and donate the profits to international foundations which suffered losses after severing ties with the famous rapper due to his controversial comments, CEO Bjorn Gulden said on Thursday.
Kanye West had been designing Yeezy sports shoes in partnership with Adidas since 2015. In 2016, Adidas announced a new long-term contract with Kanye West that extended the Yeezy line to a number of stores, in order to offer items aimed at performance for sports such as basketball and football. However, in October 2022, the company decided to part ways with West due to his antisemitic remarks.
"We are working on these issues. Melting the shoes won't be a solution," German broadcaster NTV quoted Gulden as saying during the company's annual shareholders meeting.
Gulden did not give any precise date as to when the sales would start, but mentioned that West will receive an agreed fee.
German newspaper Die Welt reported that Adidas estimates its stock of Yeezy shoes at 500 million Euros ($575.2 million), but the exact number of items is not being disclosed for marketing reasons.
Kanye West, who now goes by the name of Ye, said in December that he liked Germany's Nazi leader, Adolf Hitler, following accusations of anti-Semitism against the rapper. This resulted in a number of corporations terminating their partnership with him.
