(Crankers) The partnership between Beyoncé and Adidas will come to a close as the Ivy Park clothing brand struggles with bad sales, dropping 50% and apparently making Adidas lose millions in the process. A report on Fast Company chimed in on the projected losses and further information on why Adidas and Beyoncé are parting ways, but Adidas and Beyoncé have suggested it was for “creative differences.” In other words, bad sales, if you ask me.
Fast Company’s business news article stated the following about Beyoncé and Adidas parting ways:
The singer’s Ivy Park clothing brand—which is currently producing streetwear through a fashion partnership with Adidas—is struggling, and sales dropped by more than 50% to roughly $40 million during 2022, according to a report Wednesday from The Wall Street Journal.
The report notes that Adidas had projected Ivy Park’s sales to total around $250 million last year, meaning the brand ultimately missed its sales mark by a whopping 86%. It also means that Adidas has a gaping hole of roughly $200 million in its projects, the report notes.
Another news article about Beyoncé and Adidas splitting up said the following:
“The company sought to diversify its portfolio with women and hoped to replicate the success that it had with Mr. West,” the Wall Street Journal reported, “Adidas executives expected hundreds of millions of dollars in Ivy Park sales and promised Beyoncé guaranteed annual fees and creative control — but it soon became clear that Ivy Park collections weren’t gaining the traction that Yeezy products did.”
According to Fox News, Ivy Park sales were on track to hit about $40 million at the end of last year, down from $93 million in 2021. For 2023, Ivy Park sales were projected to reach $65 million, compared with an earlier Adidas target of reaching $335 million. The clothing line, clearly was not living up to the former success of Kanye West’s “Yeezy” clothing line.
Whatever is next for Beyoncé is up in the air as she makes her next move. She’s very wealthy and can retire now if she really wanted to, but if she’s really into furthering her career even more, then she’ll come up with another partnership to make money with.
Photo: Alex Johnson, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons