The brand's sales more than halved in 2022.
German sports giant adidas may refuse to continue developing the Ivy Park brand, created in partnership with Beyoncé. The fashion label is not doing as well as Beyonce on stage.
News outlets are reporting that adidas is losing money from the partnership. In 2021, sales of the Ivy Park division reached $93 million, and in 2022 fell to $40 against a forecast of $250 million. In 2023, the brand's sales will presumably be $65, although it was initially expected to reach the $335 mark.
Given the weak performance, experts suggest that adidas may abandon the partnership after 2023 when the first contract expires. The management of the German concern is currently discussing various scenarios regarding the prospects of the partnership.
Brands in the adidas portfolio created in collaboration with celebrities traditionally bring significant revenues. Last year, the company was forced to abandon its partnership with Kanye West and his Yeezy brand. As for Ivy Park, things were not going so flawlessly from the outset and the parties had repeated disagreements over the promotion of the brand. So should adidas ultimately not renew the contract for 2024, that would be to be expected.
9 FEBRUARY 2023, Germany
Amazon closes three Amazon Go stores in New York
Primark set to debut flagship store in Manhattan
Stüssy to open new flagship store in New York City
Beyond Yoga launches experiential retail pop-up in New York City
Psycho Bunny opens new store at Citadel Outlets in California
Miniso opens pink-themed flagship store in Vancouver
Zara launches secondhand clothes service in the US 
Orveda opens first US flagship boutique in New York City 
Birks unveils new concept store at Royalmount in Montreal 
Louis Vuitton expands retail presence in Barcelona for America's Cup 
Rabanne launches immersive pop-up in Paris