Beyoncé’s entertainment company, Parkwood Entertainment, bought out British retailer Arcadia Group Ltd and is now the sole owner of the Ivy Park fashion brand. The buy out is due to Arcadia chairman, Philip Green, currently being under investigation for sexual harassment, bullying and racial abuse towards his staff.
Ivy Park said in a statement: “After discussions of almost a year, Parkwood has acquired 100% of the Ivy Park brand. Topshop/Arcadia will fulfill the existing orders.” The previous arrangement had Parkwood and Arcadia splitting the venture 50/50.
According to Fortune, former British cabinet minister, Peter Hain (now a member of the House of Lords), said he felt a “duty under parliamentary privilege to name Philip Green as the individual in question.” Hain believes Green obtained a court injunction preventing the British press from reporting the accusations. Green denies the claims.
Beyoncé and Philip Green partnered up in 2014 to develop the “Ivy Park” athleisure brand, which includes leggings, sports bras, and hoodies. The clothing brand went on sale in 2016 at Green’s Topshop retail chain, and according to a purported 2017 financial statement, Ivy Park had a turnover of $23 million with losses around $3.5 million.
Beyoncé has been under pressure to discontinue her multimillion-dollar business partnership with Green since the allegations were exposed and she has yet to publicly comment on the allegations.
Discover more from Baller Alert
Subscribe to get the latest posts sent to your email.
