Following allegations of racial abuse and sexual harassment against Sir Phillip Green, Beyoncé has relinquished ties with the British Tycoon after her company, Parkwood, brought his 50% share of Ivy Park, reports The Guardian.
This follows intense pressure from Beyoncé’s fans for her to severe ties from the British Tycoon.
The pair launched athletic streetwear brand Ivy Park in 2016 with an initial range of leggings, crop-tops and leotards, which were modelled by Beyoncé herself and launched via Green’s Arcadia Group.
But Sir Philip Green has been at the centre of a series of serious allegations and scandals, which include his emergence as the highest-profile Briton embroiled in the global backlash against sexual harassment.
Claims that Green acted inappropriately emerged last month when the Labour peer, Lord Hain, revealed that the businessman had obtained an interim injunction against the Daily Telegraph after the newspaper attempted to publish allegations of misconduct made by five employees.
The billionaire has strongly denied the allegations of sexual harassment and racist abuse, saying any remarks had been “banter”.
He has insisted that “there was never any intent to be offensive”.
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.”
A spokesperson for Arcadia Group confirmed the transaction.
IMAGE CREDIT: DIMITRIOS KAMBOURIS / GETTY IMAGES