"This is the partnership of a lifetime for me," said Beyonce, who will remain the owner of the brand, in a statement.

"Adidas has had tremendous success in pushing creative boundaries. We share a philosophy that puts creativity, growth and social responsibility at the forefront of business. I look forward to re-launching and expanding Ivy Park on a truly global scale with a proven, dynamic leader," she added.

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Beyonce will be a creative partner for the brand, and also develop new signature footwear and apparel. The partnership will result in the co-creation of exciting new products -- from performance to lifestyle.

Eric Liedtke, Executive Board Member - Global Brands at Adidas, said: "Beyonce is an iconic creator but also a proven business leader, and together, we have the ability to inspire change and empower the next generation of creators."

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