The Arcadia Group, which owned the Topshop, Topman, Dorothy Perkins, Wallis, Burton, Miss Selfridge and Evans brands, was a mid-market fashion powerhouse controlled by the controversial fashion tycoon Sir Phillip Green. Once the backbone of the British high street, Arcadia was broken up in February 2021, signalling the end of Green’s reign as the king of UK fashion.
Founded in 2002, the company was majority-owned by Taveta Investments, owned by Green’s wife, Tina. After Green purchased the BHS department store chain in 2009, the business was integrated into the Arcadia Group before being sold for a nominal £1 in 2015 to Retail Acquisitions Ltd.
In April 2019, it was reported that the Arcadia Group had recorded a £300m deficit in its pension fund, while the Green family had cashed out £1.2bn in dividends from Arcadia in 2005.
The group tumbled into administration in November 2020 and began the process of closing stores. The following February, pureplay giant Asos snapped up the Topshop, Topman, Miss Selfridge and HIIT brands for £265m - all of those are now sold predominantly through the Asos website. Later that same month, another etail rival Boohoo acquired Arcadia’s remaining Wallis, Burton and Dorothy Perkins brands for £25.2m. Outfit, Arcadia’s outlet chain, did not attract a buyer and disappeared from the high street.