Adidas has signed Beyoncé to what's being described as a "multi-layered" deal. According to CNBC's Jess Golden, Beyoncé will become a creative partner for the brand which will include the launch of signature sneakers and apparel.
“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," Beyoncé said.
The deal marks Beyoncé's first step into the footwear market. She co-founded her own activewear brand, Ivy Park, in 2016, and the line is expected to be re-launched under the Adidas umbrella. Last November, Beyoncé's Parkwood Entertainment company cut ties with partner Philip Green in the wake of sexual harassment allegations, resulting in the songstress taking full ownership of Ivy Park.
Stay tuned for more details on this developing story.