For the past three decades and counting, world-renowned music sensation Beyoncé has proven that she can basically do it all. However, designing sportswear might not be her forte.
It’s officially been reported that King Bey and her longstanding joint partnership with adidas via IVY PARK is officially coming to an end.
RELATED: Beyoncé Finally Answers Fans Questions About Not Winning Awards, IVY PARK & Not Losing Herself
According to an exclusive report from The Hollywood Reporter (seen above), the agreement to part ways professionally was mutual between both parties, with the outlet stating that Bey is, in their words, “excitedly looking to reclaim her brand, chart her own path and maintain creative freedom.” However, we can’t ignore the widespread reports last month that IVY PARK was losing serious money for The Three Stripes due to poor sales, missing internal projections by over $200 million in 2022.
More info on Bey’s bad sales year with IVY PARK and adidas below, via Forbes:
“According to documents obtained by the Journal, Ivy Park did roughly $40 million in sales in 2022, down from $93 million in 2021; the company had projected the line would do $250 million in sales in 2022.
In 2023, Adidas projects the line will do $63 million in sales, compared to an earlier projection of the year of $335 million.
Adidas stands to lose $10 million on the partnership in 2022.”
An IVY PARK spokesperson told the outlet in the same report that their assumption above was “not correct,” going on to tell Forbes that IVY PARK x adidas was “strong and successful” and continues “to be inspired by our collective vision and are proud of the work we have created together.” Being that the joint venture was scheduled to end after 2023, the just-announced premature split could allude to otherwise.
IVY PARK originally launched back in 2016 at now-defunct UK retailer Topshop before Beyoncé purchased full ownership In 2018 and got into business with adidas in 2019. Peep their most recent campaign and a few others below:
Were you a fan of IVY PARK x adidas? Will Beyoncé fair well in the industry on her own, or partner with another sportswear giant? Let us know your thoughts on this trending story!
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Beyoncé And Adidas To End Ties On IVY PARK In Amicable Split was originally published on blackamericaweb.com
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