Beyoncé buys out clothing venture from UK's Philip Green
The Ivy Park clothing released a statement saying Green’s Topshop and Arcadia businesses will fulfill existing orders to Ivy Park. No financial details were disclosed.
LONDON - United States singer Beyoncé has bought the Ivy Park fitness clothing brand launched two years ago with British retail tycoon Philip Green, who has faced allegations of sexual harassment.
“After discussions of almost a year, (Beyoncé’s) Parkwood has acquired 100% of the Ivy Park brand,” Ivy Park said in a statement.
It said Green’s Topshop and Arcadia businesses will fulfil existing orders to Ivy Park. No financial details were disclosed.
Ivy Park sells items such as hoodies and leggings, part of a trend towards so-called athleisure. Beyonce, who is married to rapper Jay-Z, has a six-year-old daughter called Blue Ivy.
Green’s representative referred to the Ivy Park statement, without further comment. A representative of Beyoncé could not be reached for additional comment.
The deal was first reported in the Financial Times.
Green, one of Britain’s best-known businessmen, was named in Parliament last month as having taken legal action to prevent publication of allegations of sexual harassment and racial abuse of staff.
In a statement last month, Green denied having broken the law and said his businesses fully investigated employee grievances.