Beyonce, Adidas Agree to Signature Sneaker, Apparel Contract

Adidas and Beyonce announced a footwear and apparel partnership Thursday.

CNBC's Jess Golden tweeted the particulars of the deal:

According to Shawn Grant of The Source, Beyonce discussed the collaboration and her excitement to be in business with Adidas:

"This is the partnership of a lifetime for me. 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."

Ivy Park is an activewear line Beyonce launched in 2016, and the brand will be relaunched with Adidas' support.

Adidas executive board member Eric Liedtke said the following about working with Beyonce: "As the creator sports brand, Adidas challenges the status quo and pushes the limits of creativity through its open source approach. 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."

The 37-year-old singer and songwriter is the latest superstar from the music world to collaborate with Adidas, joining Kanye West, whose Yeezy shoes are among the hottest brands in the world.

Adidas has yet to announce the launch dates for Beyonce's signature shoe or her Ivy Park clothing line.