In a statement, Ivy Park noted that Topshop stores will fulfill any existing orders for their clothing, but that the label was now separate: “After discussions of almost a year, Parkwood has acquired 100 percent of the Ivy Park brand.” Ivy Park did not disclose the deal’s terms to the public.
Ivy Park cutting ties with Topshop follows allegations that surfaced in October of sexual misconduct, bullying, and racial harassment about Arcadia Group owner and billionaire Sir Philip Green (Arcadia is the parent company of Topshop). Green was also accused of using non-disclosure agreements and hush money to prevent these allegations from surfacing. Green has denied all of the allegations.
Beyoncé and Ivy Park’s departure from Topshop follows Simon Cowell’s announcement this week that he bought out Green’s shares of his entertainment business Syco.