ADIDAS CEO BJORN GULDEN EXPRESSED THAT BURNING THEIR PRODUCTS IS NOT THE SOLUTION TO ANY ISSUES THEY MAY BE FACING.
Adidas intends to sell trainers from its discontinued collaboration with Kanye West, also known as Ye, and allocate a portion of the proceeds to charity.
Last year, the German sportswear company swiftly put a stop to Yeezy branded merchandise after West’s antisemitic comments surfaced on social media and in interviews.
The move is said to have resulted in Adidas losing £351m in sales during the first quarter of this year.
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According to reports, Adidas warned that its separation from Kanye West could cause a £439m dip in earnings for the upcoming year.
Additionally, it is estimated that the company has over £1.05bn worth of unsold Yeezy shoes in storage.
Speaking at the annual general meeting in Fuerth, Germany, the CEO, Bjorn Gulden, emphasized that burning the stockpile is not the solution.
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Adidas CEO Bjorn Gulden stated that setting fire to the unsold Yeezy stock is not the solution and that the company has been trying to find ways to deal with it for four months.
According to a translated version of his comments provided by Adidas, Gulden said that many organizations that were affected by Kanye’s statements have advised against burning the shoes.
“What we are trying to do now over time is to sell parts of this inventory and donate money to the organisations that are helping us and that were also hurt by Kanye’s statements.”
Adidas CEO, Bjorn Gulden stated that they are not planning to burn unsold Yeezy products, which could reduce their earnings by £439m in the coming year.
Gulden added that Adidas is trying to sell parts of the inventory and donate some of the money to organizations that were hurt by Kanye’s statements.
The company has not yet decided how or when it will do so. Gulden had earlier condemned Kanye’s antisemitic comments as “unacceptable, hateful, and dangerous.”
Losing the Yeezy brand contributed to the company’s first annual loss in 31 years, which was a hard hit for the company.
In 2022, Ye faced consequences for his disturbing behavior, which included multiple antisemitic remarks and resulted in him being banned from Twitter and Instagram.
Adidas and Balenciaga also severed ties with the rapper, while CAA, a major talent agency in the US, also ended their relationship with him.
In an infamous interview on Alex Jones’ show Infowars, Ye made the appalling statement that he had a fondness for Hitler.
His comments caused widespread anger and drew attention to the issue of antisemitism, with many public figures condemning his behavior.
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