It’s been a few weeks since the fashion industry was shaken to its core with the announcement of a co-designed collaboration between Beyoncé and Balmain. Since then, the newly released images have saturated the internet and group chats alike as the fashion industry tries to piece together the journey of Beyoncé's design career. It wasn’t too long ago that ADIDAS and Beyoncé cut ties on IVY PARK, with ADIDAS retaining ownership of the brand and parting ways with the woman who founded it all, leaving many to say, “Now, what?”
For those unfamiliar, here’s a quick history of how IVY PARK came to be.
Where IVY Park Began
GiphyBeyoncé created IVY PARK in 2016 with Phillip Green, the mogul behind TOPSHOP. Beyoncé was able to launch IVY PARK to her global audience with an international company like TOPSHOP, but amidst scandal in 2018, Beyoncé acquired full ownership of her company. A year later, Beyoncé announced a position as a creative design partner with ADIDAS and subsequently decided to relaunch IVY PARK under its umbrella, championing it as the "partnership of a lifetime."
In 2020, the first collection was released, featuring gender-neutral clothing and four footwear styles, celebrating "power, freedom, and individuality for anyone who has the confidence to take chances and live unapologetically." The brand handed Beyoncé full creative control and a nice $20 million annual paycheck, with the hopes of replicating the success of Kanye West's Yeezy but appealing to women.
The Demise of IVY PARK
GiphyTo the average consumer, IVY PARK seems like a cash cow for the sneaker brand, but unfortunately, that was not the case. Despite the iconic iconography and cult social moments that accompanied each IVY PARK drop, only 5 of the 6 collections (not including this year's) sold roughly half of the merchandise that was produced. In fact, in February, ADIDAS reported a 50% loss over the last year for IVY PARK. Ultimately, with Beyoncé's contract set to end this year, the teams agreed to part ways with the future of IVY PARK to be determined.
According to the Wall Street Journal, Beyoncé and ADIDAS creative teams disagreed on how to label and market their products, with ADIDAS pushing for IVY PARK to align more with the overall aesthetic of the brand. It could be argued that this shift, to make IVY PARK fit in rather than stand-out, led to the demise of the brand. If a consumer can shop the same look for less on the ADIDAS website, why wouldn't they do that? The strategy seemed to dismiss the very reason IVY PARK catapulted to success; losing that unique and innovative feeling of its past.
Another significant element to the demise of this partnership was Kanye West, and the void left when ADIDAS released him in late 2022. The Void of Ye and ADIDAS' failures with their overall business and marketing strategy resulted in IVY PARK being overpromised and under-delivering. In trying to mitigate the loss gap, prices for IVY PARK have increased over the year, with the highest-selling item increasing to $600 versus $300 with TOPSHOP.
A Monumental New Beginning
GiphyThis recent deal, and her subsequent announcement with Balmain, put a huge spotlight on an ongoing conversation within the luxury fashion industry: the expectations of a Black creative’s profitability. Too often, the measurement of success placed on Black people far outweighs those of their white counterparts. One could point to as recently as 2021, when Rihanna paused her luxury line with LVMH “pending better conditions,” despite the line only launching in 2019.
Even further back in the history books of fashion, one could point to Anne Lowe and Jay Jackson; two Black designers responsible for some of the most iconic looks of the 20th century, with little to no mainstream recognition at the time. The constant dismissal of Black talent led to overlooked appointments and expedited tenures, which created the incessant void of Black and brown people in the luxury space.
It’s a trope we’ve seen time and time again, which is why the news of Balmain and Beyoncé co-designing is so monumental. To see a project born from love and intentional on celebrating the Black creative, as opposed to profiting off of them, is a surreal experience. This collection screams authenticity in a way IVY PARK couldn’t anymore, and potentially never could again. The inspiration was her, the vision was hers, and the consumer buy-in was for her; it had nothing to do with ADIDAS.
This collection is more than optics, though. When announced, Oliver said, “this appears to be the 1st time that a Black woman has overseen the couture offering from a historic Parisian house.” Balmain wanted to pay homage to the illustrious house while honoring the heritage of this magical performer. Keep scrolling to see more images from this historic and iconic collaboration.
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Featured image by Mason Poole/Parkwood Media/Getty Images for Atlantis The Royal
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Those myths that you keep telling yourself, and believe to be true may be what's holding you back, boo. Most of the time you're thinking these things on a subconscious level and may not even realize the damage that's being done. But once you gain clarity and call out your limiting beliefs for what they are, you'll finally be able to break free and reach new levels financially.
Let's dig into a few myths that have a direct impact on your money and are keeping you BROKE.
1. “Money is the root of all evil.”
Nah, this right here is a straight-up LIE! The truth is this: the LOVE OF MONEY is the root of all evil. When you think that money is the root of all evil, you're limiting yourself from keeping money, as well as receiving more of it. Without even knowing it, you might be scared of going after opportunities that will get you to the money.
Think about it. How can money be evil? Money is simply a resource that we control. Instead of believing and saying that money is the root of all evil, replace it with this supporting belief instead:
"Money is a resource and a means to do good and live well."
2. "I'm broke."
Broke is a mindset, boo. Your financial situation is shaped by how you think about money, which influences how you manage your money. Guess what? If you keep crying that you're broke, you're going to remain that way. All you are doing is reinforcing that limiting belief into the universe and your actions aren't gonna line up with what you need to do in order to get ahead.
It's imperative that you get a grip on this way of thinking and behaving, or else you'll never be able to break the cycle. I challenge you to think more in terms of abundance and believing that you can be wealthy. Are you up for the challenge?
3. "I can afford it."
You say that you can afford that pair of shoes and then turn around and realize that you don't even have enough money for gas the morning after. You can't just look at your checking account balance in the moment and think that everything is all good. Trust me, I've been there. This is where having a clear-cut, written budget comes in handy.
A budget is really just a spending/savings plan. It's a strategic system that lets you know how much money is coming in and going out every month. In reality, a budget can:
- Help you understand your financial situation and whether you can really afford something or not.
- Help you save for the things you want and do more of what you enjoy.
- Help you avoid getting caught short by bills you can't pay.
- Help you escape the paycheck-to-paycheck life.
4. "I deserve to treat myself."
GiphyHow many "treats" do you need, sis? If you really sit down and keep it 100 with yourself, do you really deserve those so-called treats? Are you taking care of your responsibilities like you should be? Instead of buying things that you don't need (with money you don't have) and labeling them as a "treat," you should be treating yourself by investing in your future and saving some coins.
If you spend all of the money that you earn instead of saving and investing it, you will never create the financial abundance that you do desire to have.
Here's a tip: Try putting both your short-term and long-term savings on auto-pilot so you don't even notice the money that you could be missing. When you don't have to look at it, you aren't tempted by any "excess" that you might have.
5. "I need to make more money and then I'll be better with my finances."
If you can't manage the little that you have now, what makes you think that you're gonna be able to manage more money? The more money you make, the more you're gonna spend if you don't get those habits in check early on. You're going to go right back to complaining about your finances and crying that you're still broke and in need of even more money. You'll never be satisfied. There will never be enough money. Remember, there are former millionaires who are struggling out here in these streets because they wanted to live a "fake fancy" lifestyle and ball out of control.
Start by being content with the income that you currently have and handling it with better care. Learn the ins and outs of sound financial management now, so that when you're finally blessed with more, you'll be able to manage it with ease.
I challenge you to start thinking better, which will ultimately lead to you doing better. It's time to prioritize your finances in a way that you haven't done before if you want to level up this year. It's time to activate your discipline. It's time to finally do something different.
Make the commitment to yourself and decide that absolutely nothing's gonna stand in your way of breaking that broke mentality.
What’s better than being in love? Building an empire while doing it. Watch Making Cents to see how real couples turn their money dreams into money moves.
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Originally published on January 5, 2018