Stephen Garner
Thu, March 23, 2023 at 3:06 PM PDT
Beyoncé and Adidas are reportedly ending their Ivy Park partnership, according to a new report from The Hollywood Reporter.
The publication said that a source close to the situation told the magazine that the Grammy-winning entrepreneur and the German athletic brand have “mutually agreed to part ways.”
Beyoncé and Adidas are reportedly ending their Ivy Park partnership, according to a new report from The Hollywood Reporter.
The publication said that a source close to the situation told the magazine that the Grammy-winning entrepreneur and the German athletic brand have “mutually agreed to part ways.”
In 2019, Beyoncé teamed up with Adidas to re-launched her Ivy Park activewear line after pulling the brand from Topshop the year before following sexual harassment claims against the British retailer’s owner Sir Philip Green.
But THR reported that the relationship has soured at Adidas, where there have been “major creative differences” between the two labels. “Beyoncé is excitedly looking to reclaim her brand, chart her own path and maintain creative freedom,” the report said.
FN has reached out to Adidas for comment.
This report follows a February Wall Street Journal report claiming that Ivy Park brought in only $40 million when sales projected the revenue to be around the ballpark of $250 million – marking a more than a 50% decline from the $93 million made the year prior, The Wall Street Journal reported.
In response to that article, Adidas told the publication that their “partnership is strong and successful. We continue to be inspired by our collective vision and are proud of the work we have created together.”
The duo’s latest collection, dubbed “Park Trail,” debuted in February, which offered 56 apparel styles, three footwear options and 12 accessories.
This is the latest loss for the German athletic brand, which is still grappling with $1.3 billion worth of Yeezy product after severing ties with Kanye West late last year.
Earlier this month, Adidas CEO Bjørn Gulden, who joined as CEO from Puma in January, made no efforts to hide his predicament. “Since I started here, I probably got 500 different business proposals for people who would like to buy the [Yeezy] inventory,” said Gulden. “But again, that will not necessarily be the right thing to do.”
Adidas officially parted from the brand and its controversial founder in October and has since grappled with mitigating debilitating sales losses. In Q4, the German sportswear company’s revenues fell 1% in currency neutral terms to 5.2 billion euros, reflecting a negative impact of around 600 million euro related to the loss of the Yeezy business.
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