Beyonce is now in full control of her clothing brand, Ivy Park, after buying out the 50 per cent stake owned by Arcadia Group, the parent company of Topshop.
The athletic brand was co-founded by Beyonce and Topshop’s head honcho Sir Philip Green in 2016. Green made headlines in recent weeks after The Washington Post reported the great lengths the British tycoon reportedly went to in order to keep allegations of sexual and racial harassment under wraps and out of the spotlight. Green has denied all allegations.
In the wake of the scandal, the “Formation” singer was under pressure by activist groups to sever ties with Green. On Wednesday, Beyonce’s company Parkwood Entertainment confirmed the buy-out in a statement to Financial Times.
“Parkwood has acquired 100 per cent of the Ivy Park brand. Topshop-Arcadia will fulfill the existing orders,” the statement reads.