Beyoncé cuts ties with Topshop chief amid sexual allegations
NEW YORK, NY - NOVEMBER 04: Singer Beyonce Knowles and Sir Philip Green attend the Topshop Topman New York City Flagship Opening Dinner at Grand Central Terminal on November 4, 2014 in New York City. (Photo by Jim Spellman/WireImage)
Beyoncé Knowles has taken full control of her athleisure brand Ivy Park that she created with Topshop owner Sir Philip Green two years ago amid sexual allegation reports against the British tycoon.
In a statement to the Financial Times, Ivy Park confirmed that after discussions for almost a year, Beyoncé’s management company, Parkwood, has acquired 100 percent of the Ivy Brand after previously being split 50/50 between her and Green.
In 2016, the pair announced the launch of a partnership to create an exclusive line of leggings, crop-tops and leotards — modeled by Beyoncé herself — to be featured in its 500 stores worldwide.
Terms of the transaction, however, were not disclosed and neither Beyoncé nor Topshop could be reached for comment on the deal.
The announcement comes as Green, who owns the Arcadia Group, the parent of Topshop, has been accused of sexual harassment, bullying and racial abuse by members of his staff. He has denied these allegations.
Green has also been blamed by British lawmakers for a pension deficit that threatens the incomes of thousands of former workers. He later handed over hundreds of millions of dollars of his personal fortune to fill the pension hole but the drama still has taken a toll on his fashion brands, including Topshop. According to the Financial Times, sales have fallen 7.5 percent at the chain between 2015 and 2017.