WHY BEYONCÉ'S IVY PARK IS FAILING
Can we talk? Like really talk? Ok. Beyoncé is a better business woman, than she is a fashionista. There, I said it. #NotRudeHonest
Based on an article by Forbes, Ivy Park went from $93m in sales 2021, to approximately $40m in 2022, which is way below the $250m projected by Adidas. The release of this article sparked a lot of conversation on Twitter (follow me: @notrude_honest) around the reasons why Adidas x Ivy Park is doing so badly.
Philip Green, who owned Topshop before it went into administration and was eventually bought by ASOS, co-founded Ivy Park with Beyoncé, and I feel like I saw a lot more people wearing it back then (2014-2018). Since Beyoncé acquired total ownership, the creative direction of the brand has been questionable at best, and it has impacted the brand's street presence.
If you're old enough to remember Beyoncé's previous fashion line called House of Deréon, then you may not be as surprised by the trajectory of Ivy Park - people buy into Beyoncé's clothing brands due to her star power, and then they realise it doesn't extend to fashion. I've said this before, and I'll say it again, Beyoncé is not a fashion icon! When I tweeted this back in 2021, someone pointed out that she was awarded the CFDA's Fashion Icon award in 2016 (which I think was purely for media politics), however, I'll repeat now what I replied then - when it comes to fashion, Solange is the Knowles sister that comes to mind. #NotRudeHonest
Below are a few reasons why I think Ivy Park is not selling as projected:
1. Ivy Park's branding is not clear: Since Beyoncé joined forces with Adidas, it's not entirely clear what exactly the brand is supposed to be delivering; it's a sportswear brand that sells latex pieces. 😵💫
2. Adidas x Ivy Park doesn't always release wearable pieces: Linked to the point above, the brand's most recent releases haven't been wearable, and therefore does not appeal to a mass market, which is required for sales.
3. We don't go to Beyoncé for fashion: Yes, Bey has given us some looks over the years, but she's just not that girl when it comes to fashion. Let's be honest, Mrs Carter can barely dress herself.
4. Beyoncé isn't an influencer: She may influence other celebrities and aspiring musicians, but when it comes to the masses, Beyoncé just doesn't have influencer/marketing power. There are celebrities who literally change the culture by changing their hairstyles, or by wearing a particular product; that isn't Bey's territory.
5. Beyoncé isn't on social media: She has chosen the private life and I respect that, but the truth is, to properly influence, you must regularly engage with your fans. Since Beyoncé doesn't do that, her product (outside of herself and her music) selling power is low.
Beyoncé is great at other things, so it's perfectly ok that this isn't her lane. Also, despite the drastic loss in sales, she will still be paid $20m per year for the duration of her contract with Adidas, which ends in 2023. As I said, Beyoncé is a better business woman than she is a fashionista. 🤑
Let me know your thoughts in the comments below, but if you are a member of the Beyhive, please behave, this is not your clubhouse. 😒