Jovani Hernandez Beyoncé and adidas have reportedly agreed to terminate their partnership.
The news was first covered by The Hollywood Reporter and comes by way of an undisclosed source “close to the situation.”
Although the Three Stripes hasn’t confirmed the rumor, its recent financial reports shared alarming numbers regarding its IVY PARK deal.
The German sportswear behemoth signed Beyoncé to an ambassador partnership in 2018, which turned into a revival of the IVY PARK activewear brand. The inaugural IVY PARK x adidas collection saw fervent fanfare and energized the adidas Originals category, but subsequent offerings haven’t had similar success. “PARK TRAIL”– an apparel, footwear, and accessories capsule inspired by the great outdoors – saw a staggered launch in January. A month later, the Three Stripes reported that revenue from the IVY PARK line fell by more than 50% in 2022, according to the Wall Street Journal. Company projections saw Beyoncé’s imprint pulling in $250 million USD last year, but final sales numbers landed at $40 million.
adidas was arguably on top of the world when it announced Mrs. Knowles-Carter had joined the Three Stripes. The following five years have seen drastic changes to both the personnel behind the brand and consumer trends. The promise of a partnership with adidas was likely an industry-leading supply chain, established retail presence, and team of bright designers, but sources shared that “major creative differences” plagued the relationship. The “Renaissance World Tour” artist will reportedly reclaim the IVY PARK brand under her own terms.
With the recent revival of the FENTY x PUMA partnership, the American icon could strike up a deal with the German company, especially when considering Jay-Z has been serving as a creative director for basketball.
Wherever Beyoncé goes, the world is watching.
Photos via adidas
