Later this month, Adidas will begin selling its inventory of Yeezy sneakers

Adidas announced on Friday that it will start selling its extra Yeezy sneakers, valued at more than $1 billion, later this month.

All earnings will be given to various anti-racism organizations.

The Anti-Defamation League, which combats antisemitism and other forms of prejudice, and the Philonise & Keeta Floyd Institute for Social Change, which is led by social justice activist and George Floyd’s brother Philonise Floyd, are among the recipients, according to the German sportswear company.

Adidas CEO Bjorn Gulden stated, “After careful consideration, we have decided to begin releasing some of the remaining Adidas Yeezy products.”

“All organizations and stakeholders we spoke to indicated that selling and donating were the preferable options. Any form of hatred has no place in society or sports, and we are steadfast in our efforts to eradicate it.

Since Adidas ended its association with Ye, formerly known as Kanye West, in October 2022 due to his antisemitic remarks on social media and in interviews, consumers have been unable to purchase Yeezy products.

According to Adidas, the things to be released this year will include already-existing designs and items planned for sale in 2022.

At Adidas’ annual shareholder’s meeting earlier this month, Gulden claimed that the business spent months looking for alternatives before opting against destroying the products and instead choosing to sell them to raise money for various organizations impacted by what Ye said.

The company stated on Friday that the change would not immediately affect its current financial forecast for 2023.