$20 Million Pledge

Adidas has committed to invest $20 million into Black communities over the next four years. The pledge comes after U.S. employees complained about the company profiting off of Black culture and the fact the company’s six-person executive team and 16-person board of directors does not include a Black member.

Along with the investment, the company announced at least 30% of new U.S. hires within Adidas and Reebok will be Black or Latino. Adidas also announced that it would finance 50 university scholarships for Black students in each of the next five years.

Adidas-subsidiary Reebok said it will not extend its deal as the official outfitter and sponsor of CrossFit after CrossFit CEO and founder Greg Glassman tweeted “It’s FLOYD-19” in response to a tweet about the Black Lives Matter protests. Glassman later resigned from his position following further blowback after telling gym owners on a private Zoom call that “We’re not mourning for George Floyd – I don’t think me or any of my staff are.” The ensuing fallout could prove devastating for the popular fitness regimen if more partners and gyms flee from associating with the brand. Across the globe, more than 14,000 gyms pay CrossFit $3,000 a year for its name.

Last week, Nike announced it was donating $40 million to “support the Black community in the U.S,” an effort that followed Michael Jordan and the Jordan Brand also donating $100 million. Nike CEO John Donahoe also said in an internal memo that the company’s diversity and inclusion efforts “have a long way to go.”