Beyoncé and Adidas have hit a rough patch. According to various media reports, the singer, songwriter and entrepreneur, and the German sportswear giant have agreed to part ways and break all business ties on mutual grounds.
The “Run the World” star has been facing major business losses and drops in figures, besides running into creative disagreements with Adidas.
More about Beyoncé and Adidas dissolving business ties
According to The Hollywood Reporter, Queen Bey’s activewear line Ivy Park and Adidas have hit an impasse in terms of creative ideation and the “Renaissance” star is heading to “reclaim her brand, chart her own path and maintain creative freedom.”
A Wall Street Journal report states that this development comes a couple of months after Ivy Park witnessed a 50 per cent decline in sales. The label pooled USD 40 million in 2022, however, the news outlet showed a projection of USD 250 million. This is a massive shrink from USD 93 million in sales in 2021.
Beyoncé’s contract with Adidas is supposed to end by 2023, and the “Cuff It” singer is on her way to earning an annual salary of USD 20 million.
About Beyoncé’s Ivy Park and Adidas partnership
Beyoncé launched Ivy Park, a premium activewear brand, in 2016 based on a 50-50 partnership with Philip Green of Topshop. Two years later, the deal ended and the music icon gained complete ownership of Ivy Park.
In 2019, the singer joined forces with Adidas to relaunch the brand that has unisex items including footwear, headwear and apparel for both kids and adults. Ivy Park has a vast size range from XXXS to XXXXL.
In January 2023, the “Irreplaceable” star debuted the latest Adidas x Ivy Park line, named Park Trail, in Dubai, where she performed live at a private concert after nearly four years. It featured a vast range of bright orange, blue and camouflage garments for kids, men and women. The singer also roped in rapper Ice Spice to be the face of the collection campaign.
Recently, Beyoncé created history by winning 32 Grammy Awards and becoming the highest-Grammy-winning artist. She is all set to embark on her Renaissance tour in May from Stockholm. The trek is scheduled to cover numerous stops across the USA, Europe and Canada.
(Main and featured image credit: Beyoncé/ @beyonce/ Instagram)