Superstar musician Beyonce and sports brand Adidas have reportedly agree to mutually end their creative partnership together.
In 2018, the chart-topping artist and Adidas entered a creative partnership when the 32 time Grammy Award winner relaunched her activewear brand Ivy Park, which also lead to the development of new footwear.
Despite Beyoncé being one of the biggest superstars in the world, Ivy Park has not lived up to the expectation of the German sports giant. In February, a Wall Street Journal source suggested that the line was up to $200 million short to Adidas' projections.
According to a source linked to The Hollywood Reporter, there has been "major creative differences between Ivy Park and Adidas" which has lead to the demise of their working relationship after five years.
The source added that "Beyoncé is excitedly looking to reclaim her brand, chart her own path and maintain creative freedom".
Beyoncé first launched Ivy Park in 2016 in a 50-50 venture with former Arcadia Group boss Sir Phillip Green. The partnership ended two years later, with the Sweet Dreams singer assuming full ownership of the brand.
Rapper and Roc Nation co-founder Jay-Z could come to the aid of wife Beyoncé's sportswear conundrum. The 53-year-old is currently the creative director at Puma.
Earlier this month, Adidas CEO Bjorn Gulden - in his first press conference in the role - spoke openly about the need to "kickstart" the brand, particularly after the split with Ye, formerly known as Kanye West, last October.
Ye's popular Yeezy range was a money-spinner for Adidas but the termination of the partnership has a gaping hole in its finances after recording net losses on $540 million for last year.
The company could lose up to $1,3 billion in revenue if they cannot repurpose the Yeezy merchandise, with Adidas still deciding what to do with the inventory.
One plan to try and recoup some of their losses is the upcoming collaboration with fashion label Fear of God. The line is set to focus on performance basketball and lifestyle products, according to Business Insider.
Speaking about the partnership, Gulden said: "I would mention Fear of God with Jerry Lorenzo, as probably a game-changing thing, which we are close to go-to-market with."
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