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Beyonce’s Ivy Park buys out Philip Green’s Arcadia Group
By Andy Malt | Published on Friday 16 November 2018
Beyonce has bought Philip Green out of her Ivy Park sportswear brand, following high profile allegations of sexual harassment being made against the British retail chief. Although her company said that negotiations had been underway for “almost a year”.
The pop star launched Ivy Park in 2016 via a joint venture between her Parkwood company and Green’s Arcadia Group. The brand was then pushed out through Arcadia’s Topshop retail stores and website.
In a statement yesterday, Ivy Park said: “After discussions of almost a year, Parkwood has acquired 100% of the Ivy Park brand. Topshop/Arcadia will fulfil the existing orders”.
Although the company says that this deal has been in the works for some time, there has been pressure for Beyonce to cut her ties with Green following the accusations made against him recently.
Politician Peter Hain recently used his parliamentary privilege to name Green as the man behind a court injunction preventing the publication of details of alleged sexual harassment and racial abuse of staff. Green has denied the allegations saying that while there had “from time to time been some banter … there was never any intent to be offensive”.
Neither Beyonce nor Ivy Park have commented directly on the reasons for the decision to cut ties with Green.
