Beyoncé Buys Out IVY PARK Following Phillip Green #MeToo scandal
Beyoncé has ended her business venture with Topshop boss, Sir Phillip Green, by buying him out of Ivy Park. Last month it emerged that the retail tycoon was the previously unnamed businessman at the centre of a #MeToo scandal. Sir Phillip was named as having taken legal action to prevent publication of allegations of sexual harassment of staff. After the media injunction was lifted by Lord Hain, Green has been in the midst of controversy.
Facing pressure from campaigners to cut ties, Beyoncé bought out the lifestyle label Ivy Park entirely. The line was founded by the star and Green two years ago and who previously was an equal partner with Topshop holding the other 50% stake.
In a statement on Thursday, 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.”
As the Ivy Park brand distributes through Topshop’s website and stores, it is uncertain on how this move will affect the brand’s retail system. Make sure to stay updated for more information.
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