Red Velvet members Wendy, left, and Yeri in teaser photos for the group's EP 'Cosmic.' Photo from Red Velvet's X account

Wendy and Yeri of Red Velvet have parted ways with K-pop agency SM Entertainment but will continue their activities as members of the girl group.

SM Entertainment announced Friday the development through a statement posted on the group's X account.

"We are informing you that our exclusive contracts with Wendy and Yeri have come to an end," SM said in the statement translated into English by K-pop news website Soompi.

"As members of Red Velvet, Wendy and Yeri will be working with us for their group activities, and we ask that you look forward to Red Velvet’s shining journey that will continue to unfold," it said.

The company added it would "sincerely root for Wendy and Yeri as they make a new start" and asked fans to "give your warm interest to the two members as they embark on new challenges in their respective paths."

Red Velvet debuted in August 2014 with the single "Happiness" as a four-member group consisting of Irene, Seulgi, Wendy and Joy. In March 2015, Yeri joined the band for their comeback with the single "Ice Cream Cake."

The group's name is inspired by their dual concept: the "red" side highlights a vibrant pop-leaning sound while the "velvet" side focuses more on R&B and ballads.

Wendy also made her debut as a soloist in 2021 with the extended play (EP) "Like Water."

In June 2024, the group dropped the EP "Cosmic" in celebration of its 10th anniversary. They also embarked on a fan concert tour that made a stop in Manila in September.

SM Entertainment is one of the leading companies in K-pop, representing popular acts such as Super Junior, Girls' Generation, SHINee, EXO, NCT, aespa and RIIZE, among others.