DIXON FLOELERS retailers and apparel retailer Yeezy are joining forces to help consumers who are struggling with the price of their favorite fashion brands.
The retailers will donate $10m of their profits to the Retail Buyback Program, which aims to help retailers get back on their feet and help them meet their goal of opening a store every 30 days by January 20.
The Retail Buybacks Program is an effort to make sure retailers are able to reopen stores quickly.
Last year, Yeezys founder and CEO, Yuval Noah Harari, announced that his clothing brand, Yeezys, was buying back $30 million worth of its inventory from retailers across the world.
That amount was the equivalent of over 10% of the company’s total retail sales.
Yeezy will also donate $5m of the profit to the Buyback program, which Harari says will help retailers “pay back investors, customers and suppliers”.
The other $5 million will go to the companies operating charitable foundations.
Harari has pledged to donate $100m in the first year of the program.
The two companies have already been collaborating on some of their own retail programs, and in February, YEEZY CEO and founder Yishan Wong announced that he was donating $50m of his own profits to charitable foundations, including $25m to the United Way.
“Yeezus goal is to be one of the first companies to make a contribution to charities that help the poorest people in the world,” Wong said at the time.
“We want to help our customers, our retailers, our suppliers, and to help the world a little bit better.”
The retail retailers will also each donate $25,000 to the International Fund for Animal Welfare.
The Fund, which has donated over $100 million to animal charities, aims to end cruelty and abuse of animals worldwide.
“The Retail Sellback Program will make sure we can get back into stores faster, which means our retail partners can get their doors open quickly, which can be a good thing for consumers,” Yeezer said in a statement.
“The program will also help the charities that operate the program to continue their work.”
The Retail Saveback Program was created in 2016 to support the US economy, and aims to boost US retailers’ profitability by investing in research and development.
It is funded by both federal and state governments, as well as by retail companies.
The program has already received a major boost from the retail industry itself.
The US retail sector has been one of Amazon’s biggest contributors to the program, donating over $1.2bn over the last three years.
Yeezys’ CEO said that his charity has contributed more than $1bn in grants and loans, which he says will allow it to operate as a successful charity by supporting its mission.
“In 2016, we donated $25 million to the Fund,” Yeezus CEO said in January.
“It is an amazing legacy and a wonderful legacy.
It will allow us to be successful in the future.”