Beyonce’s Ivy Park collection was originally launched in 2016 with Topshop, but the singer later withdrew it
after sexual harassment claims were filed against Topshop owner Philip Green. A year later, Beyonce took full control of the Ivy Park brand by buying out Green’s stake.
“It’s a dream come true to be able to relaunch Ivy Park as the sole owner,” Beyonce said in a statement. It’s also her first collaboration with Adidas.
Adidas said the terms of the deal were not disclosed. However, the partnership would make Beyonce the first black woman to be the sole owner of an athleisure brand.
Sneaker brands are increasingly using celebrities from all walks of life, not just athletes, to endorse their products.
Kanye West’s Yeezy brand, which launched in February 2015, has been a huge hit for Adidas both culturally and in terms of sales.
Yeezy’s sales were estimated to be around $1.5 billion in 2019, according to Forbes.
Analysts are bullish on the deal, and think Ivy Park could easily surpass Yeezy’s sales, but it may take time to fully develop.
Beyonce, one of the world’s most famous celebrities, has more than 133 million followers on Instagram, making her the sixth most followed person globally, according to a study by Merrill Lynch.
“In line with Adidas’ approach to other franchises, we expect them to have a low-volume, high-priced launch … to build brand hype, and over the next few years, the brand could become more democratized. Ivy Park will initially be smaller than Yeezy, but Ivy Park has the potential to be larger if managed properly,” said Matt Powell, a senior footwear analyst at NPD Group.
Powell added that, similar to the Yeezy line, he expects Adidas to keep a tight lid on volume on Ivy Park.
Adidas has been notable for keeping a low profile since the announcement. On a call with investors, CEO Kasper Rorsted said the company doesn’t expect any significant revenue impact this quarter. “You’ll see that change over the course of next year,” he added.
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Source: USA Today
