Though the BeyHive is getting their coins together to purchase Renaissance tour tickets, they may also need to figure out a way to purchase some Ivy Park. The Wall Street Journal has reported that Beyoncé’s clothing line, in conjunction with Adidas, has underperformed by over $200 million last year. However, the star is still making $20 million a year from the partnership.
Per The Wall Street Journal:
“Sales of Ivy Park tumbled by more than 50% to about $40 million in 2022—coming in below internal Adidas projections for $250 million in sales that year, documents reviewed by The Wall Street Journal show. The documents show Ivy Park has been losing money for Adidas and Beyoncé gets about $20 million in annual compensation.”
Adidas has stated that the brand is still a hit. They told the publication that the Ivy Park “partnership is strong and successful.” In addition, Adidas said: “We continue to be inspired by our collective vision and are proud of the work we have created together.”
Back in 2016, Beyoncé debuted Ivy Park in conjunction with Philip Green, the U.K. retail mogul who previously owned Topshop. The singer became the sole owner of the brand two years later. In 2019, Adidas announced their deal with Beyoncé and called it a “partnership of a lifetime.” A new Ivy Park release is on sale this week, with prices ranges falling between $30 to $600.
According to documents, Ivy Park sales were on track to hit around$40 million last year which was $93 million less than in 2021. The sales projections for Ivy Park this year are about $65 million, though an earlier goal for Adidas was an estimated $335 million.