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Following Adidas's split with Ye, the German sportswear brand has now mutually agreed to also terminate its contract with pop star Beyoncé.
According to reports, Beyoncé and Adidas have ended their partnership.
The two powerhouses have mutually agreed to part ways after Adidas fell whoppingly short of projected sales.
Beyoncé's custom clothing line Ivy Park fell way below its 2022 sales projections of $250 million, with the collection barely managing to generate $40 million in sales to close out the year, as per a report from The Wall Street Journal.
The $40 million was also much lower than 2021's tally of $93 million.
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The German sportswear giants are still suffering from their controversial split with disgraced rapper Kanye West, popularly known as ‘Ye’.
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22:34 - 10.02.2023
Adidas blame split from Kanye West following massive dip in shares
Adidas has reportedly been left with $1.3 billion in unsellable Kanye West stock that it will have to write off as a loss after cutting its business ties with the disgraced rapper.
And despite fresh marketing campaigns with celebrities such as Irina Shayk, Yara Shahidi, Megan Thee Stallion and current hip hop sensation Ice Spice, Adidas were still not able to rouse the public's interest and generate sales.
Before Adidas and Beyonce formally split, 2023's projections were shifted from $335 million to $65 million, and the Grammy-Award-winning singer is set to embark on her Renaissance World Tour, which experts projected could have perhaps brought in huge merch sales for Ivy Park.
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However, the possibility seemed to have ended after both parties reportedly cut ties as first reported by THR.
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Adidas braced up for stormy 2023
Adidas is currently facing one of the biggest challenges the company has seen in years.
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Adidas reported heavy losses tuning to hundreds of millions of dollars and being left with unsellable Yeezys following their split from Ye.
According to reports, the company had been losing market share to Nike and other rivals.
But reports also emerged late last month, that the company had reached an agreement with Ye to sell off the remaining Yeezys.
But there has been no official confirmation of an agreement from both parties so far.
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