German lifestyle brand Adidas AG to end fashion partnership with American singer Beyonce, after years of disappointing sales for her Ivy Park clothing brand, accordingly to Hollywood Reporter citing people familiar with the matter.
By the end of the year, Adidas will end its contract with Beyoncé Knowles-Carter. The move was made because of the singer’s underperforming clothing line. A 50% drop in sales was reported for the company in 2022.
Beyoncé and Adidas entered into a creative collaboration in 2019, during which she re-introduced her Ivy Park activewear line and designed new Adidas footwear and apparel.
Ivy Park is a woke collection that features inclusive sizing and gender-neutral styles.
Ivy Park has been losing money for Adidas and Beyoncé is paid around $20 million per year, accordingly to the Wall Street Journal citing documents.
“However, much of the merchandise that was produced for the brand didn’t sell, the documents show. Sales were about $40 million in 2022, below internal Adidas projections for $250 million for that year and down from $93 million in 2021, according to the documents, the outlet reported.
Adidas also has to deal with the collapse of other famous endorsement deals.
Adidas declared it would stop its partnership with Kanye West.
“After a thorough review, the company has taken the decision to terminate the partnership with Ye immediately, end production of Yeezy branded products and stop all payments to Ye and his companies. adidas will stop the adidas Yeezy business with immediate effect,” Adidas said in a statement.
“Adidas is the sole owner of all design rights to existing products as well as previous and new colorways under the partnership. More information will be given as part of the company’s upcoming Q3 earnings announcement on November 9, 2022.”
ADIDAS basically said they own Ye’s designs and he ain’t getting paid. pic.twitter.com/llpzY4uRC1
— Hotep Jesus (@HotepJesus) October 25, 2022
DISCLAIMER: I hereby declare that I do not own the rights to this music/song. All rights belong to the owner. No Copyright Infringement Intended.
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