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Beyoncé and Adidas are officially cutting ties. According to The Hollywood Reporter, the 32-time Grammy-winning entrepreneur and the German shoe giant have mutually agreed to end their creative partnership with IVY PARK.
Sources told the outlet that the Houston native and Adidas weren’t seeing eye to eye on their creative vision for the activewear line. There doesn’t appear to be any ill will between the two parties. In fact, insiders claimed that Beyoncé was excited about the decision. She is looking forward to having full control and creative freedom over the brand again.
In 2016, Beyoncé debuted IVY PARK alongside Sir Philip Green of Topshop. The 50-50 venture with Topshop ended in 2018, and Beyoncé gained full ownership of the company.
Beyoncé earned A LOT of dough from her IVY PARK deal
In 2018, the “Cuff It” hitmaker signed a lucrative partnership contract with Adidas to expand the brand. According to Forbes, over the last five years, the vocal powerhouse has secured an annual payment of $20 million from the deal. The international sportswear brand played a large role in helping Bey to develop new footwear and apparel for IVY PARK’s buzzing collections. But sadly, in 2022, the “BREAK MY SOUL” singer and Adidas took a financial hit when sales dropped.
As MADAMENOIRE previously reported, last year, sales for the Parkwood Entertainment CEO’s famed clothing line with Adidas dropped more than 50 percent. The brand generated $40 million compared to a whopping $93 million in 2021.
Documents obtained by The Wall Street Journal showed that Adidas projected the brand to hit around $250 million in sales in 2022. But, according to the report, “In five of the last six IVY PARK releases, roughly half of the merchandise that was produced went unsold,” causing the sportswear giant to lose over $200 million.
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In January, Beyoncé previewed PARK TRAIL, her latest collaboration with the activewear brand in Dubai.
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