By Sam Becker
Beyoncé can seemingly do no wrong, but not everything she touches turns to gold, evidently.
The singer’s Ivy Park clothing brand—which is currently producing streetwear through a fashion partnership with Adidas—is struggling, and sales dropped by more than 50% to roughly $40 million during 2022, according to a report Wednesday from The Wall Street Journal.
The report notes that Adidas had projected Ivy Park’s sales to total around $250 million last year, meaning the brand ultimately missed its sales mark by a whopping 86%. It also means that Adidas has a gaping hole of roughly $200 million in its projects, the report notes.
The Ivy Park brand was introduced in 2016 and is managed through Beyoncé’s management company, Parkwood Entertainment.
Reached for comment, a spokesperson for Adidas told Fast Company: “Our partnership is strong and successful. As part of our valued strategic partnership with Ivy Park, we continue to be inspired by our collective vision and are proud of the work we have created together. As a matter of principle, we do not disclose key financial figures for individual product categories.”
Fast Company also reached out to Parkwood Entertainment and will update this post if we hear back.
The collaboration was expected to net big sales and has been compared to Adidas’s collaboration with another celebrity brand, Yeezy, and Puma’s partnership with Rihanna. Some analysts initially anticipated that the Ivy Park collaboration would be even more lucrative for Adidas than Yeezy, though that does not appear to be materializing.
The Ivy Park-Adidas partnership is set to end after 2023.
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