Adidas share price up 2% after partnership with Beyoncé
The shoe company has partnered with the music superstar for a new clothing line.
Adidas share price rose 2% after announcing a new partnership with music superstar Beyoncé. The shoe company will sell the singer’s Park Ivy athleisure brand and she will be a creative director for the corporation as well.
Why did Beyoncé partner with Adidas?
Beyoncé is partnering with the German corporation to relaunch her Park Ivy line and expand her powerful brand. She and Adidas will also create a new shoe and apparel brand as well. The singer explained her enthusiasm for the collaboration in a statement.
‘This is the partnership of a lifetime for me. Adidas has had tremendous success in pushing creative boundaries. We share a philosophy that puts creativity, growth and social responsibility at the forefront of business. I look forward to re-launching and expanding Ivy Park on a truly global scale with a proven, dynamic leader,’ said Beyoncé.
Adidas builds its superstar roster
Adidas noted in a statement that the company ‘respects Beyoncé's ownership of her company which continues her journey as one of the first black women to be the sole owner of an athleisure brand’.
‘Neither ascribes to the typical stereotypes of athletes and what athleisure clothing and footwear should be, and instead, will bring to life a shared vision of inclusion that will forever alter the opportunities and landscape for all,’ added the athletic shoe company.
While rival Nike focuses on star athletes to draw customers, Adidas is hoping celebrities like Beyoncé and Kanye West will attract consumers. West’s Yeezy shoes have been a success for the corporation. Adidas hopes that Beyoncé’s success in music will translate to athletic fashion, too.
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