Adidas said its decision to sever ties with Ye cost the company €1.2 billion in lost sales and about €500 million in profit this year.
Jonathan A. Greenblatt, chief executive of the Anti-Defamation League, which is among the groups that will benefit from the proceeds of the sale, welcomed Adidas’s decision as one fitting the complexity of the problem.
But other groups noted that despite Adidas’s pledge to donate the proceeds, Ye will still make money off the sales.
The Yeezy brand became a defining force in the sportswear industry and an incredibly lucrative cornerstone for Adidas.
Adidas said it was considering further releases of the Yeezy inventory, but it did not give a timeline.
Persons:
Ye, Gulden, Philonise Floyd, George Floyd, Jonathan A, Greenblatt, Mr, “, ”, Josef Schuster, Michael Jordan
Organizations:
Adidas, Keeta Floyd Institute for Social, Defamation League, Central Council of, Kanye, Nike
Locations:
Germany