The fashion world is in somewhat of a frenzy today as news broke in the UK that Topshop owner Philip Green is teaming up with Beyoncé to launch a new company.

Parkwood Topshop Athletic Ltd will create a "global athletic street-wear brand" which will feature a range of clothing, footwear and accessories specifically with dance, fitness and sports in mind.

Speaking about the news, Beyoncé said: "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." 

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

"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."

The new label and range will be available from Autumn 2015.