At its annual meeting Thursday, the company confirmed plans to sell its remaining stock of Yeezy sneakers rather than destroy the merchandise. Adidas also told investors that an investigation into Ye’s workplace misconduct did not substantiate claims of harassment.
Key News:
CEO Bjørn Gulden confirmed the brand will sell its remaining Yeezy inventory, with a portion of the sales going to charities.
The company announced an internal investigation failed to substantiate claims that Ye, formerly known as Kanye West, harrassed Adidas employees.
Key shareholders ultimately expressed their confidence in Gülden’s turnaround plan, which aims to reassert the brand’s credibility in performance sports products, and return to growth in China and North America.