Beyoncé and Adidas Agree to Terminate Ivy Park Partnership: Reports

On Friday, Beyoncé announced a new fashion partnership with Balmain

Beyoncé and Adidas have reportedly called it quits.

The music icon and the sportswear brand have come to a mutual agreement to end their partnership for Beyoncé's brand Ivy Park, a source near the situation told The Hollywood Reporter on Thursday.

This agreement comes after the two parties had creative differences of the direction of the brand, the source told THR.

Representatives for Beyoncé, Ivy Park and Adidas did not respond to PEOPLE's request for comment.

Related:Ice Spice Stars in Her First Fashion Campaign with Beyoncé's Ivy Park and Adidas: 'I Love a Baddie'

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Last month, Wall Street Journal reported that Adidas had a $200 million dollar hole in its annual projections from low sales on the athleisure brand.

The outlet noted that sales for the brand dropped more than 50% to only $40 million of the projected $250 million. Despite this, the star still took home $20 million as commission.

The Renaissance singer first entered into the creative partnership with the German brand in 2018, shortly following the end of her joint venture with Topshop's Sir Philip Green.

Once the 50-50 partnership with the British mogul ended, Beyoncé took the company to Adidas, who was looking to replicate the success of its partnership with Kanye West's Yeezy and diversify its collaborations by working with more women.

Related:See Beyoncé Pose in Rare Shot with Her Daughters Blue and Rumi in New Ivy Park Campaign

Just this January, Beyoncé previewed her new collection Park Trail in Dubai a day before she performed at the grand opening of Atlantis the Royal in a highly exclusive, high-glamour show, marking her first live performance in four years.

Hot on the heels of this Adidas news, Beyoncé announced a new fashion partnership with Balmain. On Friday, the singer announced her 17-piece couture collection with the fashion house — inspired by Renaissance — which she co-designed with Olivier Rousteing (the label's creative director) and her stylist Marni Senofonte.

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