Everything eventually comes to an end. Beyoncé’s athleisure brand Ivy Park has parted ways with the German sports apparel giant, Adidas. The iconic brand collaboration birthed bold designs and empowering messages. It was a favourite of celebrities and influencers alike. The company was haemorrhaging money and its different stakeholders were unhappy with its output.
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Our Response
If recent events have shown us anything, it’s that failure is a part of success. Despite Beyoncé’s record-breaking success in music, her recent forays in business have faced a lot of hiccups. Beyoncé cited major creative differences and the desire to have full creative control over her brand as her reasons for the split. However, there was more than that. The business partnership had over $200 million in losses, which Adidas was not all too happy with.
There has been a lot of speculation over what exactly caused the split. On one hand, it has been noted that Ivy Park did not accurately reflect Beyoncé’s image. She has spent decades building an aesthetic around glamour, wealth, and sophistication, notably working with companies like Balmain and Tiffany & Co. When you think of Beyoncé, you think of gold-plated stage outfits or velvet and diamonds, not a tracksuit. On top of that, Ivy Park was practically unavailable to the average Bey fan. The activewear was mainly sported by celebrities and consistently sold out in stores. It begs the question; who was Ivy Park x Adidas really for? On the other hand, some blame Adidas for dropping the ball with marketing.
Despite this setback, we are excited to see Beyoncé reinvent Ivy Park with full creative control. What determines success isn’t how many times you fall, but rather how many times you get back up. Even if you aren’t Queen Bey, you will inevitably face failures when running a business.
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Here are Some Tips on How to Quit a Business the Smart Way:
Tips on How to Quit a Business
1. Stay True to Yourself
Just as Beyoncé is taking the Ivy Park x Adidas split as a chance to reshape her brand into something more authentic to her, so can you. Remember why you started your business and why you kept fighting till this point. Let that determine your next step. Whether you’re quitting for good or reinventing the business into something new, you’ll sleep a lot better at night if your decision aligns with your values.
2. Follow the Legal Process
Whether you’re buying out a partner, selling your stake or closing for good, it’s important to follow due process. We get it, we all hate paperwork, but it’s better to do it properly rather than wake up to the government or the IRS at your door. Here are some steps to take when wrapping your business up.
3. Don’t Burn Your Bridges
The Ivy Park x Adidas breakup was widely reported to be mutual and amicable. While it’s not always possible to end things on good terms, it’s best to avoid unnecessary friction at the end of business relationships. You can’t predict whom you might need in your future ventures as an entrepreneur. Don’t burn all your bridges because you might have a few rivers left to cross. Leave gracefully.
Even at The End of Things,
Remember that life goes on after a chapter in your journey as an entrepreneur is over. Have you ever had to quit a business?
Tell us your experiences in the comments.