Beyoncé & Adidas Agree To Sever Business Ties
There will be no summer renaissance for Beyoncé and Adidas this year … the two powerhouses have mutually agreed to part ways.
The Wall Street Journal reports Beyoncé’s custom clothing line Ivy Park fell WAY below its 2022 sales projections of $250 mil … only bringing in roughly $40 mil to close out the year.
Those numbers were also considerably lower than 2021’s tally of $93 million … and fresh marketing campaigns with celebs such as Irina Shayk, Yara Shahidi, Megan Thee Stallion and current hip hop it-girl Ice Spice weren’t able to rouse the public’s interest at the cash register.
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Before cutting ties, 2023’s projections were shifted from $335 mill to $65 mill. Beyoncé’s contract is finished at the end of the year but is still on track to earn her $20 mil annual salary.
What’s also interesting about the split is Beyoncé is set to embark on her Renaissance World Tour … which could’ve brought in huge merch sales for Ivy Park.
The news spells more shaky ground for Adidas … they’re also expecting a crazy $1.3 billion loss in sales this year following Kanye West‘s deflection.