Retail news round-up: Philip Green to launch Topshop in China, Poundland to sell clothing, and Harvey Nichols' profits decline
Sir Philip Green to launch Topshop across China
Sir Philip Green has signed a deal to open approximately 80 Topshop stores in China despite the dispute over the BHS pension scheme, The Telegraph reported.
The first standalone store will launch as early as 2018, in either Beijing or Shanghai.
The deal is a part of an existing arrangement with online fashion firm Shangpin.com.
Green confirmed the news, saying the deal will “cement Topshop and Topman’s mission of becoming truly global businesses”.
Poundland moves into clothing sales
Poundland boss Andy Bond is planning to introduce Pep & Co clothing, The Guardian reported.
Approximately 10 Poundland stores will have 2,500 sq ft Pep & Co shop-in-shops from next February, with more set to launch in at least 50 stores later.
Smaller stores will feature a few racks of clothing for children's and womenswear.
“The relationship between Pep & Co and Poundland will become increasingly significant. My ambition is that, over time, Pep & Co will become to Poundland like George is to Asda,” said Bond.
Harvey Nichols' profits decline amid restructuring
Harvey Nichols’ pre-tax profits reduced to £2.6m for the year to April 2 owing to refurbishment at its Knightsbridge department store, The Telegraph reported.
Stacey Cartwright initiated the revamp to put the luxury chain “back on the map” by closing the entire menswear department for 10 months.
The new store includes manicure and blowdry bars, and a new cocktail bar.