Adidas plans to sell its stock of about $500 million worth of unsold Yeezy shoes that were designed by Kanye West and donate the proceeds to charity, chief executive Bjorn Gulden told shareholders Thursday.
It appears the company has decided against destroying them.
“Burning is not the solution,” Gulden said at the company’s annual shareholder meeting. The company had consulted with several nongovernmental organizations before arriving at a solution, he noted.“What we are trying to do over time is to sell parts of these goods and then donate to organizations that help us and that also have been hurt by Kanye’s statements,” Gulden added.
If Adidas does sell the shoes, it would put an end to months of back-and-forth as the shoe brand weighed possible solutions — none of which would leave the company unscathed. Options included rebranding the distinctive sneakers, liquidating them or donating them in some form. Another was destroying the shoes, a practice some retailers and designer brands have been criticized for in recent years over environmental concerns.
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