Beyoncé and Topshop have teamed up to form a new company that will sell athletic streetwear.

The news was confirmed by WWD, who say the two parties have created Parkwood Topshop Athletic Ltd.

The brand is expected to formally launch in autumn next year, with Topshop owner Sir Philip Green telling the website:

"This not a collaboration. This is about building a brand and building a business - a separate, proper business, with separate overhead and a separate office."

Speaking on Sunday (October 26), Green added: "Basically, when she was in London in February we arranged to get together. We started talking generally, about doing something together. We’ve been looking at that [athletic] sector for a while. It’s something we need to be in.

"Based on what she does, how she works out, the conversation got into that category. We started getting into proper conversation in May or June, as to how it would work. It took six or eight weeks to put a deal together. On Friday, Beyoncé came to our office for the last piece of the jigsaw puzzle."

Beyoncé meanwhile said: "I have always loved Topshop for their fashion credentials and forward thinking."

The venture meanwhile will cover 'clothing, footwear and accessories across dance, fitness and sports categories'.

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