Beyoncé and Adidas have mutually agreed to end their partnership, according to The Hollywood Reporter. Beyoncé will retain ownership of her Ivy Park brand.
It was first reported in February that the partnership was troubled; according to internal earnings documents reviewed by The Wall Street Journal, the Ivy Park brand had underperformed under Adidas to the tune of a $200 million loss. When the partnership was first signed in 2019 after Ivy Park moved from TopShop, it was expected that Beyoncé’s name would bring in the sales — however, while Adidas expected $250 million in sales, it only brought in around $40 million.
The Journal‘s also reported creative differences between Adidas and Parkwood, the title under which Beyoncé operates her disparate business ventures, as fans expressed their disappointment in the Ivy Park offerings over the past year. According to THR, “Beyoncé is excitedly looking to reclaim her brand, chart her own path, and maintain creative freedom” of the brand going forward.
The end of the Ivy Park partnership is the latest in a string of rough patches for Adidas over the past year, as well. In October of 2022, Adidas also ended its partnership with Kanye West after the rapper made a series of antisemitic remarks in several interviews. The company’s CEO told the company early this year that Adidas is projected to lose nearly $1.3 billion in sales of Yeezy merchandise, although it also reached an agreement with him to sell remaining inventory without the Yeezy branding.
Source: https://uproxx.com/music/beyonce-adidas-end-ivy-park-partnership/
