Not everything Queen B touches turns to gold…
Adidas ends collaboration with Beyoncé (41). The sporting goods giant and the Grammy Award winner have amicably split, reports The Hollywood Reporter, citing insiders. Although the US singer has a huge fan base, the sales of her fashion collection have recently been underground.
Beyoncé started the Adidas x Ivy Park collaboration in 2018, developing shoes and clothing for the German company. Adidas described the collaboration as a “partnership for life,” but the relationship didn’t last. Apparently there were big creative differences. Beyoncé is looking forward to reclaiming her brand, pursuing her own path and preserving creative freedom Message.
The main reason for the split is likely to be economic: Ivy Park’s sales fell by more than 50 percent to around $40 million in 2022, well below internal forecasts of $250 million, the company reported the “ Wall Street Journal” In early February, citing confidential documents.
The documents showed that Adidas would lose about 10 million dollars through the cooperation with Ivy Park. Beyoncé still gets the same amount as in previous years: around $ 20 million. The contract, which was due to end in late 2023, should be revised or terminated, the newspaper wrote.
Adidas denied the “WSJ” report and described the partnership with Ivy Park as “strong and successful”, without giving concrete numbers.
Beyoncé launched Ivy Park in 2016 as a joint venture with then-Topshop owner Sir Philip Green. The US singer has been the sole owner of the brand since 2018.
For Adidas it is the second setback within a few months. As a result of the separation from scandal rapper Kanye (45), in the worst case an operating loss of 700 million euros can be expected in 2023, in the best case a black zero, the Adidas management announced in February.
