Report: Beyoncé and Adidas are parting ways as the brand still grapples with the loss of Yeezy

Beyoncé and Adidas are ending their partnership with Ivy Park, according to a new report from The Hollywood Reporter.

The publication said a source familiar with the matter told the magazine that the winning entrepreneur of a Grammy and the German sports brand have "mutually agreed to part ways".

In 2019, Beyoncé teamed up with Adidas to relaunch her Ivy Park activewear line after having withdrawn the brand from Topshop the previous year following sexual harassment claims against the British retailer's owner, Sir Philip Green.

But THR reported that the relationship deteriorated at Adidas, where there were " major creative differences" between the two labels. "Beyoncé is eagerly seeking to reclaim her brand, chart her own course, and maintain her creative freedom," the report reads.

FN has contacted Adidas for comment.

This report follows a February Wall Street Journal report claiming that Ivy Park had no reported that $40 million when sales were forecast revenue was around $250 million, down more than 50% from $93 million a year earlier, The Wall Street Journal reported.

In response to this article, Adidas told the publication that their "partnership is strong and successful. We continue to be inspired by our collective vision and are proud of the work we have created together. »

The duo's latest collection, dubbed "Park Trail", debuted in February and offered 56 clothing styles, three shoe options and 12 accessories.

This is the latest loss for the German sports brand, which is still struggling with 1 $.3 billion Yeezy produced after cutting ties with Kanye West late last year.

Earlier this month Adidas CEO Bjørn Gulden, who joined Puma in January, made no effort to hide his situation. "Since I started here, I've probably received 500 different business proposals for people to buy [Yeezy] inventory," Gulden said. "But again, that won't necessarily be the right thing to do."

Adidas officially parted ways with the brand and its controversial founder in October and has since attacked to mitigate debilitating lost sales. In the fourth quarter, the German sportswear company's revenue fell 1% in currency-neutral terms to 5.2 billion euros, reflecting a negative impact of around 600 million euros related to the loss of the Yeezy bus...