Beyonce has reportedly severed her ties with Sir Philip Green, the embattled Topshop billionaire, by buying out his share in Ivy Park, their fashion label.
Both Beyonce and Sir Philip launched the gym wear venture in 2016. The label is sold in Topshop, which is owned by Arcadia, the retail empire of Green.
However, the global pop star has withdrawn from the said partnership by buying out the shares of Sir Philip in the business through Parkwood, her management company. Reportedly, the label had been a 50-50 joint venture.
Yesterday, a spokesperson for Ivy Park stated: “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 involved in a scandal after allegations of sexual harassment and bullying were uncovered by The Daily Telegraph. The billionaire was identified in the House of Lords last October as the figure at the centre of the claims.
Green has “categorically and wholly” denied all the allegations. He dismissed the claims as mere “banter.”
The decision of Beyonce to withdraw from the partnership comes after weeks of campaigning by some activist groups and fans, who urged the singer to end her association with the businessman.
The products of Ivy Park, which include t-shirts, hoodies, and leggings are still available on the Topshop website.
In 2016, Green was slammed after the collapse of BHS, which he sold to Dominic Chappell for £1. The pension scheme of the company dropped into deficit during the leadership of Green and the collapse resulted in the loss of 11,000 jobs.
In 2014, Beyoncé and Green first announced that they were teaming up to design an athletic streetwear brand and the first Ivy Park range went on sale at Topshop two years later. The first range of sports bras, leggings, and tops were modelled by Beyoncé herself.