Beyonce buys out Ivy Park clothing brand from Topshop billionaire Sir Philip Green
American singer Beyonce has severed ties with embattled Topshop billionaire Sir Philip Green by buying out his share in their fashion label Ivy Park.
Beyonce and Sir Philip launched the gymwear venture in 2016 and the label is sold in Topshop, which is owned by Green’s retail empire Arcadia.
But the global pop star has withdrawn from the partnership by buying out Sir Philip’s share in the business through her management company Parkwood. The label had reportedly been a 50-50 joint venture.
A spokesperson for Ivy Park yesterday said: “After discussions of almost a year, Parkwood has acquired 100 per cent of the Ivy Park brand. Topshop and Arcadia will fulfil the existing orders.”
The British tycoon has been embroiled in a scandal after allegations of bullying and sexual harassment were uncovered by The Daily Telegraph. The billionaire was named in the House of Lords in October as the figure at the centre of the claims.
Green has “categorically and wholly” denied the allegations, dismissing the claims as mere “banter”.
Beyonce’s decision to withdraw from the partnership comes after weeks of campaigning by fans and activist groups, who called on the singer to end her association with the businessman.
Ivy Park products, which include leggings, t-shirts and hoodies, are still available on the Topshop website.
Green was criticised in 2016 following the collapse of BHS, which he sold to Dominic Chappell for £1. The company’s pension scheme fell into deficit during Green’s leadership and the collapse led to the loss of 11,000 jobs.
A spokesperson for Topshop referred to Ivy Park’s statement.