There will be no summer renaissance for Beyoncé and Adidas this year ... the two powerhouses have mutually agreed to part ways.
The Wall Street Journal reports Beyoncé's custom clothing line Ivy Park fell WAY below its 2022 sales projections of $250 mil ... only bringing in roughly $40 mil to close out the year.
Those numbers were also considerably lower than 2021's tally of $93 million ... and fresh marketing campaigns with celebs such as Irina Shayk, Yara Shahidi, Megan Thee Stallion and current hip hop it-girl Ice Spice weren't able to rouse the public's interest at the cash register.
Before cutting ties, 2023's projections were shifted from $335 mill to $65 mill. Beyoncé's contract is finished at the end of the year but is still on track to earn her $20 mil annual salary.
What's also interesting about the split is Beyoncé is set to embark on her Renaissance World Tour ... which could've brought in huge merch sales for Ivy Park.
The news spells more shaky ground for Adidas ... they're also expecting a crazy $1.3 billion loss in sales this year following Kanye West's deflection.