Beyonce is teaming up with Arcadia for a 50/50 joint venture that birthed Parkwood Topshop Athletic – a new fitness and streetwear brand.
According to Irish Examiner
Parkwood Topshop Athletic will offer clothing, footwear and accessories across dance, fitness and sports categories, sold across Topshop stores and Topshop.com. News of the launch date came as Arcadia owner Taveta Investments – the company that holds Sir Philip’s retail brands including Topshop, Dorothy Perkins and Burton – posted a 2% rise in underlying pre-tax profits to £202 million for the year to August 29 despite flagging store sales.
Sir Philip said the result came amid “challenging times” as the group reported a 0.9% fall in UK underlying like-for-like retail sales over the year, with total comparable sales 0.7% lower. And it revealed a gloomier picture so far in the new year as sales have dropped 2.3% in the first 10 weeks.
In its update on the Beyonce tie-up, Taveta said: “We are developing our distribution globally for the launch of this exciting new brand in spring 2016.”
The deal has been seen as unusual, as it will lead to the launch of a new company, whereas retailers and celebrities traditionally agree branding links or design collaborations.