Beyoncé and Adidas will reportedly no longer be working together (Picture: Getty Images for The Recording Academy)
Beyoncé and Adidas have reportedly cut ties after a major decline in sales.
The world-famous musician, 41, teamed up with Adidas for her custom clothing line Ivy Park, however sales are seemingly way below what both sides expected.
As reported by the Wall Street Journal, Ivy Park had been expected to bring in around $250 million (£205 million) in 2022.
However it ended up raking in just over $40 million (£32 million) – a major drop from 2021’s haul of $93 million (£76 million).
Now TMZ is reporting that the Single Ladies star and sportswear company have ‘mutually agreed’ to part ways after the disappointing turnover.
Ivy Park and Adidas had recruited some major names to promote the clothing line, with the likes of Ice Spice and Megan Thee Stallion appearing in adverts, however in the end it simply wasn’t enough to boost earnings.
The star’s clothing line reportedly suffered a dramatic drop in sales (Picture: Ruba/ Backgrid)
It’s believed Beyoncé was claiming a $20 million (£16 million) annual salary from the collaboration, with her contract finishing up at the end of 2023.
The decline in earnings from Ivy Park comes as Adidas grapples with the major loss of Kanye West’s Yeezy brand.
That contract accounted for around $1.5billion (£1.3billion), according to the US business magazine.
Adidas terminated its 10-year relationship with the US rapper last year following his comments about the Jewish community and labeling Black Lives Matter a ‘scam’.
The 45-year-old later issued an apology to the Black and Jewish communities, but he continues to be embroiled in scandals.
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It’s a serious drop compared to last year.