(JTA) — Adidas announced Wednesday that it had sold the last of its Yeezy sneakers, the lucrative footwear line created with rapper and designer Ye. The German sportswear giant framed the milestone as the closing chapter in the controversy sparked by Ye's antisemitic comments in 2022.After massive public outcry, Adidas cut ties with Ye, formerly known as Kanye West, in 2022 over a stream of antisemitic remarks he posted on social media. Ending the nearly decade-long partnership cost Adidas nearly 250 million euros that year, the company said. Adidas initially paused the sale of Yeezy sneakers and considered destroying the remaining inventory. But under Bjorn Gulden, who took over as CEO in 2023, the company ultimately decided to sell the stock and donate part of the profit to groups fighting discrimination and hate. So how much money did the sale of the remaining Yeezy pairs bring in and what did Adidas do with the money? Claudia Lange, head of media relations at Adidas, broke down the numbers for the Jewish Telegraphic Agency. Revenue was about 750 million euros in 2023, and 650 million euros in 2024, for a total of 1.3 billion euros, or about $1.4 billion. A pair of Yeezy shoes are seen in a Foot Locker store on the day Adidas terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, US, October 25, 2022. (credit: REUTERS/SHANNON STAPLETON)Adidas's profits in the last yearsAdidas calculated that its profits were about 300 million euros in 2023 and about 200 million euros in 2024, for a total of 500 million euros. But Lange said this total accounts only for costs that are “directly product-related,” meaning that the company spent additional money on shipping, warehousing, IT and personnel costs.A portion of the proceeds were then designated for charity. By the end of last year, Adidas had either donated or set aside for future donations more than 250 million euros, Lange said. Of that total, 200 million euros were committed to the adidas Foundation, a charity the company established in 2023 at about the same time it announced its plan to sell the Yeezy inventory and donate a portion of the earnings. The foundation is dedicated to “fighting discrimination” with a mission to “unite communities through sport, driving social change for people and the planet,” according to its website. Lange said the foundation allocates the money “independently and autonomously.”The foundation's website lists a three-year, 700,000-euro grant to Peres Center for Peace and Innovation in Israel to fund anti-discrimination and leadership training for athletics coaches and to develop “peace education activities for Jewish and Arab children.”Adidas donated the remaining 50 million euros to organizations “combating discrimination and hate, including racism and antisemitism.” Among them is the Anti-Defamation League, which criticized the company when it initially failed to distance itself from Ye but later entered into partnership with Adidas. Other Adidas recipients include the Foundation to Combat Antisemitism, which is backed by Robert Kraft, and the Philonise & Keeta Floyd Institute for Social Change, a charity founded by George Floyd's family.In a summary of the company's financial position on Wednesday, Gulden conveyed optimism, indicating the company's desire to move past the Yeezy scandal. “With all the challenges out there, let's not forget that there are so many fun things to look forward to in 2025,” the Adidas CEO said.Ye, meanwhile, has not found another apparel partner. The rapper and producer apologized to the Jewish community in the aftermath of his rant, but in February he revoked the apology, barraging Jews, praising Adolf Hitler, and calling himself a Nazi in a new social media tirade. He also bought advertising slots during the recent Super Bowl to promote sales of a white T-shirt emblazoned with a swastika on his website. The online retail processor Shopify blocked sales through the site after an outcry.
