Beyoncé and Adidas "mutually agree" to end Ivy Park collaboration
Beyoncé and Adidas are reportedly parting ways following low sales of her activewear line, Ivy Park.
Beyoncé's activewear line, Ivy Park, is ending its creative partnership with Adidas.
According to The Hollywood Reporter, they have mutually agreed to end the collaboration after more than four years.
Creative differences have been blamed for the decision, with sources telling the publication that Queen B is keen to reclaim her brand.
But several reports suggest that the Ivy Park range underperformed in 2022 by $250-million (R3.6bn).
According to The Wall Street Journal, Beyoncé's contract with Adidas was due to end sometime after 2023. Beyoncé reportedly receives a R355-million yearly compensation for the collaboration.
"Sales of Ivy Park tumbled by more than 50% to about $40 million in 2022—coming in below internal Adidas projections for $250 million in sales that year," the publication revealed.
Despite the reported low sales, Adidas told The Wall Street Journal that its "partnership is strong and successful”.
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Beyoncé first introduced her fans to Ivy Park in 2016.
"IVY PARK is merging fashion-led design with technical innovation. Creating a new kind of performance wear: modern essentials for both on and off the field," a description of the brand read.
The 'Halo' hitmaker released her Adidas collabration in 2018.
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Social media users have mixed reactions to the news that Ivy Park x Adidas is coming to an end.
"We all love Bey... but fashion is not her thing.... the pieces don't be connecting or something!" one Instagram user commented on a post on The Shade Room.
A second person wrote: "I’ve never seen anyone wearing Ivy Park."
A third user added: "Nobody was really buying it. The designs were basic. It needed more creativity especially coming from someone like beyonce."
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Ivy Park is the least of Adidas' worries.
The company recorded a net loss of $540 million in the fourth quarter of 2022. The German brand is expecting more losses in 2023 following the end of its collaboration with rapper Kanye West.
Adidas cut ties with Kanye in October last year following his anti-Semitic remarks.
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It says it will lose more than $535 million in 2023 if it doesn't figure out what to do with the inventory of Yeezy products it still has in stock.
"The numbers speak for themselves. We are currently not performing the way we should," the brand's new Chief Executive Officer Bjorn Gulden said after announcing its 2022 results.
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Main image credit: YouTube/Ivy Park