Beyoncé cuts ties with Sir Philip Green and buys him out of Ivy Park label
Beyoncé has cut ties with retail tycoon Sir Philip Green and has bought out his 50% shareholding in her athleisure line Ivy Park.
Ivy Park was launched as a partnership with the Arcadia boss in 2014 and the first collection hit Topshop stores and other retail outlets, such as Selfridges, Net-A-Porter.com and Zalando, in 2016.
In statement, Beyoncé's company Parkwood said: “After discussions of almost a year, Parkwood has acquired 100% of the Ivy Park brand. Topshop/Arcadia will fulfil the existing orders.”
The reference to the year-long discussions suggests the decision to part ways pre-dated the latest spate of negative news to engulf Sir Philip, surrounding allegations of sexual harassment and bullying by former staff at his Topshop to Burton Arcadia empire, which he has strongly denied.
Sir Philip was last month named in the House of Lords, by Lord Hain using Parliamentary Privilege, as the British businessman behind an injunction granted against The Telegraph newspaper to prevent it publishing details of the allegations. The injunction was granted temporarily as some of the staff concerned had signed non-disclosure agreements and accepted large pay-offs.
Hain said he exercised his right to name Sir Philip after hearing about the nature of the allegations and because he had been informed the behaviour was on-going. In a subsequent interview, Sir Philip said he had engaged in "banter" with staff over the years but had never intended to cause offence.
It was revealed earlier this week that the TV company behind hit shows such as Poldark and Vanity Fair had acquired the rights to journalist Oliver Shah's biography of Sir Philip Green, Damaged Goods, and intends to make it into a TV mini series.