LONDON — Beyoncé and Sir Philip Green's retail group Arcadia have announced that their highly anticipated joint venture Parkwood Topshop streetwear brand will go on sale from spring 2016.
The deal, which Marketing reported on in October 2014, was described by Green at the time as a "partnership," rather than a standard collaboration. The Parkwood Topshop streetwear brand will produce clothing, footwear and accessories and will go on sale next year at physical Topshop stores, as well as online.
The news was confirmed in the full-year financial results for Taveta Investments, Arcadia’s parent company.
In a statement, Green said: "The year ahead will see the product launch of our 50/50 joint-venture company Parkwood Topshop Athletic Ltd, created in partnership with Beyonce to produce a global athletic streetwear brand in this rapidly growing area of the market.
"We are developing our distribution globally for the launch of this exciting new brand in spring 2016."
The group also reported operating profit up 5.5% to £251.6 million ($380.75 million).
Green added: "We are pleased once again to report strong cash generation of £328 million ($496 million), against the background of the fast changing retail industry.
"The number of channels through which customers choose to purchase and engage with us continually evolves, thus increasing the complexity of our operations. Hence our continued investment in the business as our need for efficiency and speed to market is paramount.
"Over the past year, we have continued to trade successfully in the UK across all brands, whilst expanding our operations internationally."
Topshop is famous for its successful celebrity partnerships, which included a multiyear tie-up with supermodel Kate Moss.
This article first appeared on marketingmagazine.co.uk.