Beyoncé buys out Ivy Park from billionaire businessman accused of harassment

Beyoncé is cutting ties with Philip Green, the embattled British billionaire with whom she partnered for her sportswear line Ivy Park, after he was accused in the U.K. of a series of sexual harassment and racial abuse charges.

The singer's company, Parkwood Entertainment, said in a statement on Thursday that it has acquired 100 percent of the athleisurewear line.

Beyoncé and Green teamed up in 2014 to develop the brand, which includes leggings, sports bras, and hoodies and features the singer in its ads and promotional campaigns. The clothing range went on sale in 2016 at Green's Topshop retail chain to much fanfare.

The decision to take sole ownership of the brand comes "after discussions of almost a year," according to the statement, predating Green's current troubles.

After an eight-month investigation, Britain's Daily Telegraph published a story last month called "The British #MeToo scandal which cannot be revealed." The newspaper said a court injunction prevented it from naming the businessman or reporting the details of his alleged behavior and how he used non-disclosure agreements to buy the silence of his accusers.

Green was later outed as the man in question after Peter Hain, a Member of Parliament, who said he felt a "duty under parliamentary privilege to name Philip Green as the individual in question." Green has denied the allegations.

RELATED: Take a look at the retailers that filed for bankruptcy in 2018:

17 PHOTOS
Every retailer who filed for bankruptcy in 2018
See Gallery
Every retailer who filed for bankruptcy in 2018

A'gaci

Women's apparel and accessories retailer A'Gaci filed for Chapter 11 bankruptcy in January. 

Photo credit: Getty

Kiko USA

Cosmetics retailer Kiko USA Inc filed for Chapter 11 bankruptcy protection in January.

Photo credit: Getty

Tops Markets

Tops Markets operates 174 supermarkets — called Tops Friendly Markets. The company filed for bankruptcy protection in February.

Photo credit: Getty

The Bon-Ton Stores

The Bon-Ton Stores owns multiple department store chains including Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers. The company filed for bankruptcy in February.

Photo credit: Getty

Remington Outdoor

Remington filed for Chapter 11 bankruptcy protection in March.

Photo credit: Getty

The Walking Company

The shoe seller The Walking Company, which operates 208 stores in the US, filed for Chapter 11 bankruptcy protection in March.

Photo credit: Getty

Claire's

The jewelry chain Claire's filed for bankruptcy in March.

Photo credit: Getty

Southeastern Grocers

Southeastern Grocers, the parent company of the grocery chains Winn-Dixie, Harveys and Bi-Lo, filed for Chapter 11 bankruptcy protection in March.

Photo credit: AOL

Nine West

Nine West Holdings filed for bankruptcy in April.

Photo credit: Getty

Bertucci's

Italian casual-dining chain Bertucci's filed for Chapter 11 bankruptcy protection in April.

Photo credit: AOL

Rockport

The footwear brand filed for Chapter 11 bankruptcy protection in May.

Photo credit: Getty

National Stores

The owner of the Fallas chain of discount stores filed for bankruptcy in August.

Photo credit: Facebook

Brookstone

Brookstone filed for Chapter 11 bankruptcy protection in August.

Photo credit: Getty

Samuels Jewelers

Samuels Jewelers filed for Chapter 11 with an agreement for bankruptcy financing in August.

Photo credit: Facebook

Toys R Us

Toys R Us filed for bankruptcy in September.

Photo credit: Getty

Mattress Firm

Mattress Firm filed for bankruptcy in October.

Photo credit: PA

Sears

Sears filed for bankruptcy in October.

Photo credit: PA

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

With his billions in the bank and tanned complexion, Green has been called Britain's equivalent to President Donald Trump. He and Beyoncé have known each other for at least 13 years. The singer reportedly performed at Green's son's $7 million bar mitzvah in 2005, and his lavish parties have drawn an A-list crowd, including Gwyneth Paltrow, Leonardo DiCaprio and Kate Moss, according to various reports and photos taken over the years.

Over the last few weeks, there have been calls for Green's celebrity friends and business partners to speak up about his alleged behavior. Simon Cowell bought out Green's stake in Syco Entertainment and said he was putting "principle" before profit, according to an interview with The Sun.

Shoppers are also taking a stand. The hashtag #PinkNotGreen has gone viral on Twitter to promote a boycott of the stores, including Topshop, that are owned by Green's Arcadia Group. However, some customers shared their concern that shunning Green's businesses may only hurt the lower-paid employees and not Green, who reportedly commutes to London by private jet from his home in Monaco.

Read Full Story
  • DJI27025.8823.900.09%
    NASDAQ8156.8532.670.40%
  • NIKKEI 22522451.86-21.06-0.09%
    Hang Seng26848.49184.210.69%
    DAX12654.95-15.16-0.12%
  • USD (PER EUR)1.110.00530.48%
    USD (PER CHF)1.010.00770.76%
    JPY (PER USD)108.63-0.0890-0.08%
    GBP (PER USD)1.290.00710.55%