Topshop was originally formed as an offshoot of department store Peter Robinson in 1964, selling modern fashion by young designers including Mary Quant. Fast forward, and it is now one of the UK’s most notable fashion brands, under the Arcadia Group which includes Miss Selfridge, Topman, Dorothy Perkins, Burton, Evans and Wallis. Due to struggling profits, along with the rest of the Arcadia brands, Topshop Topman turned to a CVA in mid-2019 to reduce the size of the estate and reshape the business for a digital future. As part of this, it closed down its US business with all 11 stores shuttered. Once famed for its high-profile collaborations with the likes of Kate Moss and Beyoncé, Topshop has struggled to keep up with fast-fashion etailers’ celebrity and influencer marketing. To boost online growth, Topshop has turned to partnering with marketplaces such as Asos, Shop Direct, Zalando and Next, as well as overhauling its own website.
Ikea is understood to have entered into an agreement to purchase 214 Oxford Street for £385m.
Asos has announced a joint venture with US department store chain Nordstrom, marking its first foray into bricks-and-mortar. Retail Week speaks with boss Nick Beighton about why he thinks Nordstrom is the right partner for its new brands.
Tina Green has been handed £50m by administrators from the remains of her husband’s Arcadia empire.
Asos and Boohoo – two fast fashion etail giants who have stormed through the pandemic, picking up struggling competitors as they go. But, in five years’ time, who will be the bigger powerhouse?
The sale of Topshop’s iconic Oxford Street flagship has kicked off, with a portion of the funds from the £420m sale allocated to Arcadia’s pension scheme.
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