Admin l Tuesday, March 28, 2023
BERLIN – The German sporting goods manufacturer Adidas’ agreement with US pop star Beyoncé and her fashion brand Ivy Park will end by mutual agreement, according to several media reports in the United States and Germany.
The reports say the contract, which expires at the end of this year, will not be extended. An Adidas spokeswoman refused initial comment on the stories.
The Ivy Park product line reportedly has not been meeting Adidas’ expectations for the products. The German company had to pump money into the brand every year, the reports in the Wall Street Journal and elsewhere say.
This would mark the second time in recent months that a cooperation with a big name from the music industry had to be dissolved.
At the end of last year, Adidas’ agreement with US rapper Kanye West broke up. That, however, was not for economic reasons, as the product line was highly profitable.
West’s anti-Semitic statements were behind the German company’s decision to cut ties.
Still Adidas chief executive Björn Gulden stands by the presence of the brand in the entertainment industry. He has said the broad positioning of the company outside its traditional sports sector is important.