The end of the partnership was reportedly due to creative differences between Ivy Park and Adidas.
Beyoncé and Adidas have mutually agreed to end their partnership, according to The Hollywood Reporter.
The music star will retain ownership of the Ivy Park brand.
In February, the first reports surfaced that the partnership was in trouble. According to internal earnings documents reviewed by the Wall Street Journal, Ivy Park had underperformed under Adidas, posting losses of $200 million.
When the partnership began in 2019, following Ivy Park's move from TopShop to Adidas, it was expected that Beyoncé's name would bring high sales. However, while Adidas expected $250 million in sales, Ivy Park only brought in about $40 million.
The Wall Street Journal also cited creative differences between Adidas and Parkwood, the company with which Beyoncé manages her various ventures, as fans expressed their frustration with Ivy Park's releases over the past year.
According to The Hollywood Reporter, Beyoncé "looks forward to reclaiming her brand, charting her own path and maintaining creative freedom" for Ivy Park in the future.
During what Adidas has described as "a partnership of a lifetime", Ivy Park has launched several collections, with the first launching in April 2019.
That launch was supported by a massive PR campaign, which included sending closet-sized boxes to celebrities such as Missy Elliott, Cardi B, Kendall Jenner, Angela Bassett, Ciara, Reese Witherspoon and Hailey Bieber.
Despite the glitzy publicity stunts, Ivy Park apparently didn't live up to the buzz Adidas expected when it initially promised Beyoncé "guaranteed annual fees and creative control," as the Wall Street Journal points out.
The Wall Street Journal article also spoke of differences in strategy between Adidas and Ivy Park in terms of marketing, with the German multinational pushing for the dominance of its own brand.
At the end of 2022, Ivy Park was projected to reach $40 million in sales, up from $93 million in sales the previous year. Although Adidas predicted it would lose at least $10 million in 2022, Beyoncé would receive the same amount in compensation as in previous years: $20 million.
Beyoncé launched Ivy Park in 2016 with Top Shop owner Philip Green. When the partnership ended in 2018, the singer's Parkwood Entertainment took full ownership of the streetwear brand.
