NEW YORK — American singer and business mogul Beyoncé has taken full ownership of her Ivy Park fitness clothing brand, ending her partnership with British retail tycoon Philip Green.
Ivy Park confirmed in a statement on Friday, November 16, 2018, that the acquisition, which followed nearly a year of discussions, sees Beyoncé’s company, Parkwood Entertainment, acquire 100 percent of the athleisure brand.
The decision to buy out Green’s stake comes as the British businessman faces allegations of sexual harassment and racial abuse, which have recently cast a shadow over his business empire.
Green, who owns Topshop and Arcadia, had partnered with Beyoncé to launch Ivy Park two years ago. The brand, known for its stylish hoodies, leggings, and sportswear, has thrived as part of the booming athleisure trend.
“After discussions of almost a year, (Beyoncé’s) Parkwood has acquired 100 percent of the Ivy Park brand,” Ivy Park’s statement said. While Green’s Topshop and Arcadia businesses will continue to fulfill existing orders for Ivy Park, the financial details of the transaction have not been disclosed.
Beyoncé, who is married to rapper Jay-Z and has a six-year-old daughter named Blue Ivy, first collaborated with Green in 2016 to launch the Ivy Park brand.
The partnership helped solidify Ivy Park as a major player in the athleisure market, blending fashion-forward fitness wear with Beyoncé’s global influence.
Green, one of the United Kingdom’s most prominent businessmen, has come under fire in recent months after being named in parliament as the subject of legal action aimed at preventing the publication of allegations against him.
Green has denied any wrongdoing, stating that his companies have fully investigated grievances from employees.
In a brief statement, Green’s representatives referred to Ivy Park’s announcement but declined to comment further on the acquisition or the allegations against him.
Attempts to reach Beyoncé’s representatives for additional comment were unsuccessful at the time of reporting.
The deal was first reported by The Financial Times.
The move is expected to help Beyoncé distance the Ivy Park brand from the controversy surrounding Green and position it for further growth as an independent venture under her Parkwood Entertainment umbrella.
