Parkwood Entertainment, owned by musician, actress and businesswoman Beyoncé Knowles-Carter, yesterday bought out British retailer Arcadia Group Ltd to become the sole owner of the Ivy Park fashion brand, the Financial Times reports. Previously, the partnership was equal, with Parkwood and Arcadia owning 50% each.
Ivy Park said in a statement: “After discussions of almost a year, Parkwood has acquired 100% of the Ivy Park brand. Topshop/Arcadia will fulfil the existing orders.”
Arcadia chairman Philip Green is currently under investigation for sexual and racial harassment, according to former British cabinet minister Peter Hain. Now a member of the House of Lords, Hain invoked the law of Parliamentary privilege to disclose that Green had obtained a court injunction preventing the British press from reporting the accusations, which Green has strenuously denied.
Ivy Park did not disclose the terms of the deal. The brand — which is in the fast-growing athleisure category — dates to 2016, when Knowles-Carter, through Parkwood, co-founded it as an equal partner with British retailer Topshop. A fan site has posted a purported 2017 financial statement for Ivy Park claiming turnover of £17 million ($23 million), with losses in the region of £2.8 million ($3.5 million).
Beyoncé isn’t the first high profile celebrity to cut ties with Green since Lord Hain’s disclosure: earlier this week, music mogul Simon Cowell confirmed that the businessman no longer had any involvement with his company, Syco Entertainment.