LONDON - Beyoncé's Parkwood company has taken full ownership of Ivy Park, buying back Topshop tycoon Philip Green's shares in the brand that started life as a joint venture.
"After discussions of almost a year, Parkwood has acquired 100 percent of the Ivy Park brand. Topshop Arcadia will fulfill the existing orders," a spokesperson for Green confirmed in a statement.
The terms of the transaction were not disclosed.
The news follows a series of sexual harassment and bullying allegations made against Green, with former employees giving interviews to the British press about the treatment they experienced while working for Topshop and his Arcadia Group.
Green has been the subject of an eight-month investigation by the Daily Telegraph accusing him of sexual harassment, bullying and paying his victims substantial amounts of money to prevent them from speaking under controversial non-disclosure agreements.
He successfully obtained an injunction against the newspaper, so The Telegraph's full report has yet to be published, but a member of the House of Lords revealed his name, citing parliamentary privilege.
Beyoncé isn't the first to distance herself from the fashion and retail tycoon. Earlier this month, the buzzy London fashion label Halpern canceled a party celebrating its party collaboration with Topshop in the wake of the scandal. The launch went ahead - but quietly.
Ivy Park was initially formed as a 50-50 venture between Beyoncé and Green and both parties set out to develop a stand-alone brand that was distributed beyond Topshop, on Net-a-porter, Zalando and Nordstrom, among others.
"It's not often or ever that you're going to get the chance to work with somebody like Beyoncé. It's a pretty unique opportunity, so I think you have to develop this on both sides. She trusts me, she trusts us. And she's been a customer for years. I used to take her shopping with her kid strapped to her back," Green told WWD at the time.