Beyonce’s Parkwood Entertainment company yesterday bought out British retailer Arcadia Group Ltd, the co-owner of the Ivy Park fashion brand.
Arcadia chairman Philip Green is currently being investigated for sexual and racial harassment, as former British cabinet minister Peter Hain reported. Hain also said Green was granted a court injunction to keep the British press from reporting the accusations, which Green has denied. Campaigners had urged Beyonce to sever ties with Green.
Previously, Parkwood and Arcadia each owned 50% of Ivy Park. The clothing company released a statement on Thursday announcing the decision, although it did not reference Green’s case.
“After discussions of almost a year, Parkwood has acquired 100% of the Ivy Park brand. Topshop-Arcadia will fulfill [sic] the existing orders,” the statement obtained by the Financial Times read.
Beyonce co-founded the athleisure brand in 2016 through Parkwood, with British retailer Topshop as an equal partner. Arcadia owns numerous clothing retailers, including Topshop, Dorothy Perkins, and Miss Selfridge. A fan site released the reported 2017 financial statement for Ivy Park, which allegedly had a $23 million turnover, with losses around $3.5 million.
The “Lemonade” singer isn’t the only celebrity to end their relationship with Green; “X-Factor” judge Simon Cowell has also forced the business tycoon from holding shares in his company, Syco Entertainment.
