Since 2018, when the Grammy Award-winning diva reintroduced her Ivy Park line along with new footwear and clothing collections for the company, global superstar Beyoncé and German lifestyle brand Adidas have enjoyed a fruitful relationship. However, the singer and the company have mutually decided to end the partnership, according to an exclusive report in The Hollywood Reporter. The name of Kylie Jenner and Travis Scott’s son has been changed from Wolf to Aire. Know here why?
According to THR, this comes amid “major creative differences” between Ivy Park and Adidas, and Beyoncé is eager to take back control of her brand and forge a new course while retaining her creative autonomy. The musician and entrepreneur founded Ivy Park in 2016 as a joint venture with Sir Philip Green of Topshop. In 2018, Beyoncé acquired full ownership of Ivy Park.
Ivy Park’s first collection in collaboration with Adidas debuted in 2019 and was supported by a massive campaign that involved sending enormous orange boxes to well-known figures in the public such as Cardi B, Missy Elliott, Kendall Jenner, Angela Bassett, and Hailey Beiber. According to a Wall Street Journal article from February 8 this year, the inclusive streetwear line “produced weak sales” and “about $200 million hole in the company’s annual projections.”Selena Gomez take a bridal look in Season 3 “Only Murders in the Building”. Check it out Here.
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Ivy Park’s sales decreased by more than 50% to about $40 million in 2022, according to the report.
According to WSJ, Adidas and Ivy Park have a strong and fruitful partnership, and the business is continually motivated by their “collective vision” and “proud of the work we have created together.” Inquiries from the publication for comments received no response from a Beyoncé spokesperson.
Adidas executives assured Beyoncé of guaranteed annual fees and creative control and predicted hundreds of millions of dollars in sales at Ivy Park, according to the people familiar with the situation. But it soon became apparent that Ivy Park collections weren’t enjoying the same level of popularity as Yeezy goods.Vanessa Hudgens is back in”Bad Boys” Will Smith film, Read Full Details Here