Ivy Park has really always belonged to Beyoncé—who else do we think of when we see that distinct graphic lettering down the arm of a cropped hoodie?—but, before today, the queen only owned a 50 percent share in the athleisure label she co-founded in 2016 with Arcadia Group, the British-based retail company behind Topshop. The other half of Ivy Park belonged to billionaire Arcadia chairman Sir Philip Green.
But Green has come under fire since allegations of inappropriate behavior—including sexual harassment, bullying, and racist remarks—emerged from employees last month. Green strongly denies the claims, telling the Guardian "there was never any intent to be offensive," but the Guardian further reported several Arcadia employees were given "enormous seven-figure secret payouts" to settle. Beyoncé has faced mounting pressure from activist groups to cut ties with the embattled businessman, and now, she's heeded the call.
"After discussions of almost a year, [Beyoncé's company] Parkwood has acquired 100 percent of the Ivy Park brand. Topshop/Arcadia will fulfill the existing orders," Ivy Park said in a statement to the Guardian.
So, there you have it. Now you can feel a little better about spending $100 on sequin boxing shorts.