Beyoncé is still celebrating being the most-decorated GRAMMY winner of all-time as fans make the hefty choice between paying bills and securing tickets to the RENAISSANCE tour. However, it seems Ivy Park is struggling to return to its sold out era.
Wall Street Journal reports that the athleisure brand’s partnership with Adidas “produced weak sales of her Ivy Park clothing brand, according to documents and people familiar with the matter, leaving a roughly $200 million hole in the company’s annual projections.” The outlet revealed that sales have plummeted more than 50%, and in turn, Ivy Park has lost money for both Adidas and Beyoncé—roughly totaling $20 million in annual compensation.
The contract between the two parties is slated to end after 2023, but there’s no word on its renewal status. WSJ added that while Adidas feels the “partnership is strong and successful,” they declined to comment on its financial performance. The statement reads, “We continue to be inspired by our collective vision and are proud of the work we have created together.”
Ivy Park first debuted in 2016 in partnership with Topshop owner, Philip Green. Bey bought full ownership of the clothing line in 2018. The following year, she announced the deal with Adidas, calling it the “partnership of a lifetime.”
Despite not appearing in the official campaign for PARK TRAIL alongside Ice Spice and Offset, the “CUFF IT” singer proclaimed that this was her “favorite drop to-date” on Instagram while wearing select pieces from the collection.
The new IVY PARK drop was unveiled in late January following a preview event in Dubai.