Ivy Park was initially launched in 2016 as a joint venture with Sir Philip Green of Topshop. When the partnership ended in 2018, Beyoncé's Parkwood Entertainment acquired full ownership of the athleisure brand. In 2018, Beyoncé and Adidas joined forces to relaunch the singer's athleisure brand, Ivy Park. However, after several years of collaboration, the two parties have mutually agreed to end their partnership and part ways, as of March 24, 2023.
The brand's sales dropped by more than 50% to roughly $40 million during 2022, down from $93 million in 2021. The company had projected the line would do $250 million in sales in 2022. According to reports, about half of the merchandise from five of the six releases remained on shelves, causing Adidas to lose money. Unfortunately, Ivy Park did not live up to the hype that Adidas had anticipated.
The Wall Street Journal also highlighted differences in marketing strategy between Adidas and Ivy Park, with the German multinational corporation pushing for their own branding. At the end of 2022, Ivy Park was predicted to reach $40 million in sales, down from $93 million the year prior. Although Adidas was positioned to lose at least $10 million in 2022, Beyoncé was set to make the same amount in compensation as previous years: $20 million.
Throughout their partnership, Ivy Park and Adidas launched several collections, starting with the first one in April 2019. The collaboration garnered significant attention, with celebrities like Missy Elliott, Cardi B, Kendall Jenner, Angela Bassett, Ciara, Reese Witherspoon, and Hailey Bieber receiving promotional packages.
Beyoncé is reportedly excited to reclaim her brand and maintain creative freedom. However, the termination of the partnership marks the end of an era for Ivy Park and Adidas, as Beyoncé looks forward to charting her own path and maintaining creative control over her brand.
