Adidas has said it plans to sell some of its Yeezy trainers and merchandise from its defunct partnership with Kanye West and donate some of the proceeds to charity.

The German sportswear giant has been in a predicament over the Yeezy stock after it cut ties with West over his antisemitic comments late last year.

Millions of Yeezy brand shoes with a retail value of €1.2bn (£1.05bn) are sitting in storage after their sale was put on hold – with their value in the resale market rocketing after production stopped, with some models more than doubling in price.

The debacle over the rapper, now known as Ye, contributed to the company’s first annual loss in more than three decades.

Adidas chief executive Bjoern Gulden said burning the goods “would not be a solution” and said the firm is trying to sell some of the merchandise “over time”, adding that proceeds would be donated to international organisations that West had harmed with his comments.

Please use Chrome browser for a more accessible video player

Adidas, which was criticised for not acting sooner over Ye’s remarks, was among a string of companies which cut ties with the 45-year-old after he made antisemitic comments on social media.

Yeezy trainers have been a big hit for the company and are much sought after on the used market, routinely selling for hundreds of pounds.

Mr Gulden said at the company’s annual shareholder meeting that it had yet to be determined when and how the planned sale would proceed.

Read more:
Adidas withdraws opposition to Black Lives Matter three stripe design
Kanye West is ‘dangerous’ and ‘perpetuating violence’, David Baddiel says

He said the company had decided against donating the sneakers to avoid them reaching the market in a roundabout way.

Shares in Adidas went up 2% following the meeting.

By selling some of the stock, the company is potentially minimising a $700m (£559m) loss this year, but it is unclear how
much stock will be sold and what proportion of the proceeds will be donated.

Be the first to get Breaking News

Install the Sky News app for free

If the goods are sold, Ye will be entitled to previously-agreed commissions – 15% of turnover, according to media reports.

Mr Gulden defended Adidas’s years-long collaboration with the rapper, saying that “as difficult as he was, he is perhaps the most creative mind in our industry”.

Related posts:

Anti-fraud probe as EU nations are offered 900 million ‘ghost’ COVID jabs for €12.7bn Thousands flock to edge of spectacular volcanic eruption in Iceland Airport workers find 185 baby Galapagos tortoises hidden in suitcase Russian gay family in controversial supermarket advert flees to Spain after threats Taliban fire into air at anti-Pakistan protest as UN warns basic services on verge of collapse Paris attacks survivors hope for justice as France’s biggest criminal trial in history begins Reporter who interviewed Peng Shuai says she may not have been able to speak freely Where is Kaliningrad – Russia’s exclave in Europe – and how will Lithuanian sanctions affect Western relations? Russia ‘violates Estonia’s airspace for first time by helicopter’ in highly provocative move ‘Mass death’ of children if no global aid as Ukraine war exacerbates worst drought in 40 years Strikes on port of Odesa ‘spit in the face’ from Russia after grain deal Leonardo da Vinci was the son of a slave and half-Italian, expert claims