Adidas suffers another heavy hit as they conclude their deal with Beyoncé and Ivy Park. The world watched as Kanye West unraveled online with Nazi propaganda, resulting in a dramatic end to his Yeezy partnership with the brand. As the company navigates how it will move products, The Hollywood Reporter offered a new update about their connection with Bey. According to the outlet, they've spoken with "a source close to the situation," who revealed that the singer and Adidas have "mutually agreed to part ways."
It was further alleged that Beyoncé was struggling to maintain the relationship with Adidas behind the scenes. "There has apparently been major creative differences between Ivy Park and Adidas," reported THR. "And Beyoncé is excitedly looking to reclaim her brand, chart her own path and maintain creative freedom." Also, murmurs about discontent have been ongoing in recent months regarding Ivy Park's sales. Beyoncé and Adidas partnered in 2018, two years after Ivy Park's arrival. The brand was further hyped with its elaborate unveilings by celebrities gifted with special apparel deliveries.
Beyoncé & Adidas Made Magic
When Bey & Co. ended their deal with Topshop in 2018, she retained full ownership. The most recent line of Adidas x Ivy Park apparel, Park Trail, came in January. It was bolstered by the music icon's epic—and controversial—performance in Dubai. It was Beyoncé's first live show in five years, and Ivy Park was expected to fly off the shelves, as usual. However, in early February, the Wall Street Journal reported Ivy Park "missed internal sales projection by over $200 million" in 2022. Further, Bey still made $20 million a year from her Ivy Park contract.
Additionally, WSJ broke down the numbers: in 2022, sales were "roughly" $40 million. It sounds like a good year, but it's much less than the $93 million earned in 2021. Adidas projected $250 million in sales for 2022, and for 2023, they believed they would make $335 million. That projection has been changed to $63 million. It's suggested that this is why Ivy Park x Adidas has come to an end. It's unclear what the immediate future holds, but if there's another final drop on the horizon, fans are sure to eat it up. Will you miss Ivy Park x Adidas?
