Sir Philip Green's Arcadia and Beyonce confirm 2016 launch

The owner of the Arcadia group, which includes Top Shop, Dorothy Perkins, and Burton, has been working with the star on a new athletic street-wear brand.

It had been reported that the global venture would launch this year. 

 

Details came as Sir Philip's group reported operating profits up 5.5% to £251.6m despite "challenging times".

Sales for the year to 29 August were almost flat at £2.06bn, according to results published by Taveta Investments, Arcadia's family-controlled parent company.

The fashion industry was abuzz with speculation earlier this year when the retail entrepreneur and singer announced they were creating an all-new global company, Parkwood Topshop. Deals between retailers and celebrities have traditionally been branding links.

In an update on Wednesday, Taveta said: "We are developing our distribution globally for the launch of this exciting new brand in spring 2016."

The new company will produce clothing, footwear and accessories. So-called street-wear is a "rapidly growing area of the market", the company said in a statement.

Taveta's profit figures, for the year ending 29 August, do not include High Street chain BHS, which was sold in March to Retail Acquisitions for just £1.

Sir Philip said Arcadia delivered "a robust performance in challenging times". In the first 10 weeks of the current financial year, like-for-like sales were down 2.3% on the same period last year, he said.