According to an article done by The Root, in February, the Wall Street Journal noted that Ivy Park’s sales were down and Adidas was losing money.
Photo/Courtesy: Ivy Park’s Collection.
Forbes reports that sales for Ivy Park in 2021 were $93 million, and in 2022 revenue was $40m compared to the $250m projected by adidas.
“Sales of Ivy Park tumbled by more than 50% to about $40 million in 2022 coming in below internal Adidas projections for $250 million in sales that year, documents reviewed by The Wall Street Journal show.
Therefore, after a three-year unsuccessful deal, both brands decided to part ways.
Some of the reasons why Beyoncé’s Ivy Park failed include:
Beyoncé is rarely seen wearing the Ivy Park brand, unlike the Kardashians who wear their Skims clothing frequently. Meanwhile, Rihanna brought out a Fenty Beauty compact during her Super Bowl halftime show.
Photo/Courtesy: Ivy Park, Skims and Fenty beauty.
Another reason is TikToker A-List Business Strategist says that Ivy Park’s affordable sportswear did not draw consumers because it does not correlate with Beyoncé’s luxurious and glamorous image.
According to consumer technology writer Rex Woodbury, Ivy Park’s products were low-effort and did not have a unique insight beyond standard athleisure.
Skims’ unique insight is that shapewear can be outwear while Rihanna’s Fenty Beauty believes make-up should come in more shades for people of color.
Woodbury also says that the Ivy Park brand did not move beyond the celebrity figurehead of Beyoncé. He says: “the best brands elevate themselves beyond one person.”
Skims marketing rarely features Kardashian now and uses stars like Mia and Lucia from White Lotus. Rihanna has used numerous other celebrities, like Johnny Depp, to showcase her Savage X Fenty line.
However, despite of all these, An Ivy Park representative denied claims that Beyoncé’s brand was suffering with weak sales and says the clothing line is “strong and successful.”
