Beyoncé and Topshop co-found new label

The press release writes that "the new label will include clothing, footwear and accessories across dance, fitness and sports categories with collections that promise to include a fusion of fashion and technical performance."

"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," said Mr. Green. "Creating a partnership with Beyoncé, one of the most hard-working and talented people in the world, who spends many hours of her life dancing, rehearsing and training is a unique opportunity to develop this category."

Sir Philip also talked about how this project was born, "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."