Ivy Park parts ways with Adidas?! According to The Hollywood Reporter, Beyoncé’s custom clothing line is ending its partnership with the sportswear company.
Reportedly, Adidas fell way below its 2022 sales projections of $250 million–only bringing in roughly $40 mil to close out the year.
Those numbers were also considerably lower than 2021’s tally of $93 million. Fresh marketing campaigns with celebs such as Irina Shayk, Yara Shahidi, Megan Thee Stallion, and rap’s current it-girl, Ice Spice weren’t able to rouse the public’s interest at the cash register.
Beyoncé’s Ivy Park Parts Ways with Adidas & This Is Why
Before cutting ties, 2023’s projections were shifted from $335 million to $65 million. Beyoncé’s contract is finished at the end of the year but is still on track to earn her $20 million annual salary.
What’s also interesting about the split is Beyoncé is set to embark on her Renaissance World Tour, which could’ve brought in huge merch sales for Ivy Park.
The news spells more shaky ground for Adidas. They’re also expecting a crazy $1.3 billion loss in sales this year following Kanye West‘s deflection.
Originally co-founded between Beyoncé and Sir Philip Green, Ivy Park launched a joint venture with Topshop in October 2014 and operated under the company Parkwood Topshop Athletic Ltd. Initially set for the fall of 2015, Ivy Park’s launch was pushed back to the spring of 2016, with an official launch date of April 14, 2016, for in-store and online retailers.
On March 31, 2016, Beyoncé announced the new line by revealing two covers for the May issue of Elle magazine. The issue includes an in-depth interview where Beyoncé shares her goals for the brand and its focus on women. Explaining that she hopes to “push the boundaries of athletic wear and to support and inspire women who understand that beauty is more than your physical appearance.
That same day, Beyoncé also released a promotional video, titled “Where is your park,” which gives viewers a look into her workout routine along with samples of the coming clothing line. Additionally included were the brand’s origin story and the significance of its name: Ivy, representing her daughter Blue Ivy Carter, and Park, representing Parkwood Park in Houston, Texas where Beyoncé used to go to exercise.
What are your thoughts on the major split? Let us know in the comments below!
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