Beyoncé and Philip Green, chief executive officer of TopShop parent company The Arcadia Group, have created a 50/50 joint venture company–Parkwood TopShop Athletic.

The new company will produce a global athletic streetwear brand that will launch in fall 2015.

The brand will encompass clothing, footwear and accessories across the dance, fitness and sports categories.

"We have been looking at this category as fashion-inspired fitness develops, and know that this is right in our customers' heartland," say 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."

Global distribution will include TopShop stores and online, with existing and new partnerships also to be explored.

“I could not think of a better partner as I continue to grow the Parkwood business," says Beyoncé. "I have always loved TopShop for their fashion credentials and forward thinking. Working with their development team to create and produce a technical and fashion-led collection is exciting, and I’m looking forward to participating in all aspects of this partnership.”