There will probably be no summer time renaissance for Beyoncé and Adidas this yr … the 2 powerhouses have mutually agreed to half methods.
The Wall Street Journal experiences Beyoncé’s customized clothes line Ivy Park fell WAY under its 2022 gross sales projections of $250 mil … solely bringing in roughly $40 mil to shut out the yr.
Those numbers had been additionally significantly decrease than 2021’s tally of $93 million … and contemporary advertising campaigns with celebs equivalent to Irina Shayk, Yara Shahidi, Megan Thee Stallion and present hip hop it-girl Ice Spice weren’t in a position to rouse the general public’s curiosity on the money register.
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Before reducing ties, 2023’s projections had been shifted from $335 mill to $65 mill. Beyoncé’s contract is completed on the finish of the yr however continues to be on monitor to earn her $20 mil annual wage.
What’s additionally attention-grabbing in regards to the break up is Beyoncé is about to embark on her Renaissance World Tour … which might’ve introduced in large merch gross sales for Ivy Park.
The information spells extra shaky floor for Adidas … they’re additionally anticipating a loopy $1.3 billion loss in gross sales this yr following Kanye West‘s deflection.