For the German sportswear giant, Kanye West and his products under the Yeezy name have become a headache, especially for the new Danish CEO Bjørn Gulden.
The background is that the company chose to break with the artist after a series of anti-Semitic statements from him, including on social media.
Adidas is left with an inventory worth just over 1.2 billion euros, approximately 13.4 billion kroner.
“Burning them up is not a solution,” says Gulden in connection with the general meeting.
— What we will do is try to sell parts of the collection and then donate the profit to organizations that have been damaged by Kanye West’s statements, says Gulden.
However, it is not clear how the sale will take place and during what period of time. The company has previously announced that it plans to make write-downs of SEK 13.4 billion linked to the inventory, but a possible sale is estimated to bring in EUR 500 million.
Today’s announcement causes the share to rise 2.4 percent on the Frankfurt stock exchange.