Source: TIMOTHY A. CLARY / Getty
According to
The Hollywood Reporter, the two parties have mutually decided to part ways. The partnership was inked back in 2018, and the source revealed what may have played a huge part in the amicable breakup.
“But there has apparently been major creative differences between Ivy Park and adidas, and Beyoncé is excitedly looking to reclaim her brand, chart her own path and maintain creative freedom,” writes
THR.
The adidas backing wasn’t the first time Beyoncé joined forces for her Ivy Park brand, as she first developed it alongside British businessman Philip Green in 2014 as an exclusive collection with Topshop. The sportswear line didn’t hit shelves until 2016, and Bey’s Parkwood Entertainment would acquire full ownership in 2018 after Green faced sexual assault allegations.
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The following year, the adidas collection was made available. But just a few years into the venture, it was reported that the sales were struggling.
According to an article from the
Wall Street Journal, the line only delivered 16% of targeted sales last year, a big blow to adidas bottom line that was highlighted by a collapsing deal — to the tune of $500 million– with
Kanye West amid his antisemitic rhetoric.
With Ivy Park only hitting
$40 million of its $250 million goal, the writing was on the wall that the contract likely wouldn’t be renewed.
“Our partnership is strong and successful. As part of our valued strategic partnership with lVY PARK, we continue to be inspired by our collective vision and are proud of the work we have created together,” an adidas spokesperson told
BoF via email. “As a matter of principle, we do not disclose key financial figures for individual product categories.”
While Beyoncé fans are sad about the ending of the adidas partnership, they’re looking forward to Ivy Park’s future. See how social media’s reacting to the news of the breakup below.
