Beyoncé followers are clamoring for tickets to her world tour, however the music famous person is having a tougher time discovering patrons for her line of inclusive streetwear.
Beyoncé’s vogue partnership with Adidas AG
has produced weak gross sales of her Ivy Park clothes model, in keeping with paperwork and folks conversant in the matter, leaving a roughly $200 million gap within the firm’s annual projections.
Sales of Ivy Park tumbled by greater than 50% to about $40 million in 2022—coming in beneath inner Adidas projections for $250 million in gross sales that yr, paperwork reviewed by The Wall Street Journal present. The paperwork present Ivy Park has been shedding cash for Adidas and Beyoncé will get about $20 million in annual compensation.
The contract between the pop star, whose full identify is Beyoncé Knowles-Carter, and the German sneaker big is ready to finish after 2023, and Adidas executives have mentioned both ending or revamping the association, the individuals mentioned.
Source web site: www.marketwatch.com