Adidas and Beyoncé have ended their partnership, according to a report on Thursday.
The Hollywood Reporter cited “a source close to the situation” as saying the decision was mutual.
Beyoncé launched Ivy Park as a collaboration with British retailer Topshop in 2016 but took full control of the brand in 2018 and then teamed up with Adidas.
The Wall Street Journal recently reported that Ivy Park sales last year totalled $40 million (all figures U.S.), down from $93 million in 2021, and that Adidas was losing money in the deal.
Last October, Adidas ended its partnership with Ye, the rapper formerly known as Kanye West, after he made a series of anti-Semitic statements. Earlier this month, the company said it was struggling with what to do with $1.3 billion in unsold Yeezy sneakers.
In February 2021, Rihanna’s fashion brand Fenty was put “on hold" by parent company LVMH amidst sluggish sales. Fenty was never resurrected. (It is not affiliated with Rihanna's Savage x Fenty lingerie.)