Weak demand led to colossal failure to reach sales goals.Photo: Getty Images Europe
TeeRoy's 2 Cents:
- Shocking. Her 300 Instagram followers spent an average of 13-cents last year on Ivy Park X Adidas apparel.
- Which second-hand store do they dump the unsold items? In search of Ivy Park apparel at a deep discount.
- Tough week for Bey. This report arrives on the heels of her losing to Harry Styles at the Grammys.
- Spending this weekend refreshing my online dating profiles. Must find a partner who got through at Ticketmaster for a pair of Beyonce tickets.
Last year, the Ivy Park partnership with Adidas fell short of company projections by $200 million -- a stunning under-performance. Adidas believed that a quarter-billion is sales was possible. Yet, the final revenue for 2022 was only around $40 million.
Despite weak demand and failure to meet sales goals, Beyoncé contract with Adidas calls for $20 million annual compensation. That deal ends in December. Expect the contract to be revamped if Adidas even chooses to extend its partnership with Beyoncé. (Wall Street Journal)