Photo: Adidas / Ivy Park
Beyoncé fans seem to be going crazy for tickets to her Renaissance World Tour, but not for her IVY PARK partnership with Adidas.
The brand's contract expires after 2023, and Adidas executives are reportedly considering whether they want to keep it. A recent report from the Wall Street Journal stated that the record-breaking Grammy winner's collaboration with the sportswear giant has seen a significant drop in sales. In 2022, the line earned about $40 million, which is actually a drop of more than 50% from $93 million in 2021, while not at all in line with predictions - the clothing and footwear line was projected to achieve sales of $250 million USD last year.
In documents obtained by the magazine, "about half of the merchandise produced went unsold" and IVY PARK ended up "losing money for Adidas." In 2023, the line is projected to earn $65 million. It was previously expected to earn $335 million this year.
With sales falling, it is unknown whether the partnership will continue - IVY PARK's deal ends after 2023, while Adidas executives are still in discussions about whether to keep the brand.
Adidas has taken advantage of partnerships with celebrities such as Pharrell Williams and Kanye West, the latter of which was cut short after the rapper made controversial remarks, despite the fact that the collaboration brought huge success to the sportswear company. Adidas and Beyoncé's team reportedly had a disagreement over how to market the IVY PARK brand, and the singer also did not wear pieces from the brand to use her influence for promotion.
IVY PARK is set to launch its latest collection “PARK TRAIL” on February 9th.
