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A launch of retail billionaire Sir Philip Green's new clothing venture with singer Beyonce is planned for spring next year.

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.