Beyoncé and Adidas have mutually agreed to part ways in the wake of disappointing sales for her custom clothing line Ivy Park during 2022.
The Wall Street Journal has reported that the range – a collaboration between the iconic singer and powerhouse sports brand – only sold $40million (£32.5m) worth of leisure wear last year, which fell well short of their $250m (£204m) projections.
Last year’s figures also represented an alarming drop on 2021’s return of $93m (£76m).
READ MORE: Beyonce bares all as she goes braless in sheer dress for raunchy date night look
The downturn has come despite marketing campaigns involving celebs such as Megan Thee Stallion, Ice Spice, Yara Shahidi and Irina Shayk.
Before the split was announced, Ivy Park’s 2023 sales target had reportedly been revised from $335m (£274m) to $65m (£53m).
(Image: Getty)
Beyonce’s contract with Adidas will still run until the end of the year, though, which means she will continue to pick up her $20m (£16m) annual salary from the severed partnership.
The timing of the parting also appears inopportune for Adidas with Beyonce’s Renaissance World Tour scheduled to start in May, meaning a huge chance for them to pick up considerable merch sales from Ivy Park gear will now go begging.
It also comes after Adidas terminated their contract with Kanye West in October after he made anti-Semitic remarks on social media.
(Image: Valerie Macon/AFP)
For more of the latest showbiz news from Daily Star, make sure you sign up to one of our newsletters here.
The company admitted this week that they still have $500m (£409m) worth of the rapper’s unsold Yeezy trainers to shift and are now fearing a first loss in their annual accounts for three decades this year.
It is also being forecast that the losses could be as high as $1.3m (£1.06m).
Commenting on Adidas’ troubles, Chloe Collins, head of apparel at data firm GlobalData, said that even the company’s sponsorship of World Cup-winning football team Argentina in December could not “offset the negative impact of the Yeezy controversy on the brand”.
She also claimed that Adidas’ designs currently “lag behind” rivals Nike and Puma, whilst adding that a 35.8% drop in sales in China contributed to a disappointing 2022 with Covid lockdowns and a switch to local brands such as Li-Ning and ANTA inflicting the most damage.
READ NEXT:
Source: Celebrities - dailystar.co.uk
