$100m earmarked for three New York stores
Sir Philip Green has launched a strategic review of his retail empire and is planning to take fashion chain Topshop to the US.

Following the global success of Kate Moss's fashion range for Topshop, Green is understood to be planning a $100 million (£50.6 million) spending spree in the US, launching three Topshop stores in New York.

The entrepreneur will also commit£250 million to the growth of his UK-based Arcadia chains over the next three years and is expected to concentrate on developing, expanding and relocating Arcadia stores within the UK.

Reports this morning claimed that this strategy could result in the disposal of Arcadia's ailing Bhs chain, which has struggled against rivals Primark and Marks & Spencer. However, this could prove difficult if Green wants to avoid selling valuable assets to rivals.

The Topshop tycoon is said to have been considering the sale of Bhs for some time and is thought to have held informal talks with Icelandic retail giant Baugur and Wal-Mart-owned Asda. He is reportedly seeking about£450 million for the department store chain, although the company denies any intention to sell.