Beyoncé buys control of Ivy Park in wake of Philip Green scandal
today Nov 15, 2018
She has bought out the tycoon’s share of the venture, the deal completing some weeks after allegations emerged concerning his behaviour towards some staff at the Arcadia fashion retail empire that he controls.
An Ivy Park spokesperson confirmed early Thursday that the deal had happened but didn’t disclose any financial information.
He said the discussions around the buyout have been going on for “almost a year” so pre-dated the recent allegations around Sir Philip. He confirmed Beyoncé’s management company Parkwood now owned 100% of the Ivy Park brand. It had previously been a 50:50 joint venture with Topshop.
So what happens to Ivy Park now? Clearly with the Beyoncé connection now going even deeper, the brand has a potentially strong future. Parkwood said Topshop would fulfil existing orders and the label will continue to be available at the chain, as well as at sports giant JD Sports and in Selfridges.
Planning for Ivy Park began as far back as 2014 and in 2016, it made a major impact from day one as Beyoncé and Topshop rode the wave of the celeb’s huge popularity and the relentless rise of athleisure and more gym-focused lifestyles being lived by younger consumers.
But in the months following its debut, Sir Philip’s connection proved to be less of an asset, at least as far as public image was concerned. His much-publicised troubles began as he drew heavy criticism from MPs, the media and the public over his perceived part in the collapse of BHS. And he also saw declining sales at Arcadia, with the Topshop brand in particular struggling to grow and reeling from problems in Australia and its more recent exit from China.
Sir Philip’s negative publicity came to a head last month when he took out an injunction to prevent a newspaper from printing a story about his alleged behaviour, but was named in Parliament as the mystery business leader behind the injunction. He said he had suffered “the worst week of my life” after he was named and “categorically and wholly” denied any allegations of “unlawful sexual or racist behaviour”.
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