UK online fashion retailer buys Topshop, three other brands
Online retail company ASOS, confirmed Monday Feb. 1, 2021, it has sealed the takeover of Topshop and three other brands from the collapse of the Arcadia retail empire, buying the brand names but not the high street retail space. The deal, announced Monday, puts thousands of jobs at risk because Asos acquired the Topshop, Topman, Miss Selfridge’s and HIIT brands but none of their stores. AdArcadia struggled to respond to increased competition from low-cost rivals like Primark, as well as from online disrupters such as Asos and Boohoo. The four brands acquired in Monday’s deal posted sales of 1 billion pounds, Asos said. Boohoo, said last week it was in exclusive talks to buy three other Arcadia brands — Dorothy Perkins, Wallis and Burton — in a deal that also won’t include any stores.
UK retailing shifts further online as Boohoo buys Debenhams
Under the terms of the deal, Boohoo will sell Debenhams products from early next year. Boohoo said the deal represents a “fantastic opportunity” to target new customers and launch into beauty, sports and homewares. However, Shore Capital retail analyst Greg Lawless cautioned that an online-only operation could hit Debenhams’ beauty sales. “The big question in beauty is whether the big beauty brands — Clinique and Chanel — will remain with Boohoo longer term," he said. Arcadia, which employed around 13,000 people and has 444 U.K. stores, also collapsed at the start of December.
In dark day for UK retailing, 242-year-old Debenhams to shut
A woman wearing a face mask walks past the Debenhams flagship department store on Oxford Street, during England's second coronavirus lockdown in London, Tuesday, Dec. 1, 2020. Long-suffering Debenhams, the 242-year-old department store chain, said Tuesday that administrators had decided to start winding down operations after a potential buyer of the company pulled out. Since the pandemic took root in March, the U.K. has forced the closure of retailing outlets in various ways. Arcadia is the biggest operator of concessions in Debenhams department stores, so its potential collapse affected Debenhams' appeal. Brands were added to the Burton menswear business before the umbrella company Arcadia was formed in 1997.
Philip Green's retail empire Arcadia calls in administrators
Arcadia Group, the retail empire of tycoon Philip Green, which owns well-known British fashion chains like Topshop and employs around 15,000 people, appears to be on the brink of collapse following the economic shock of the coronavirus pandemic. In another blow to the country's retail industry during the coronavirus pandemic, Arcadia said it had called in administrators from Deloitte. The decision protects Arcadia from creditors while a buyer is sought for all or parts of the company. For the past couple of decades, Green has been one of the most influential executives in European retailing. He bought Arcadia in 2002 and subsequently came close to taking over Marks & Spencer, too.
UK retail empire of billionaire Philip Green teeters on edge
(AP Photo/Matt Dunham, FILE)LONDON – The retail empire of tycoon Philip Green, which owns well-known British fashion chains like Topshop, appears to be on the brink of collapse following the economic shock of the coronavirus pandemic. England is in a four-week lockdown that has forced the closure of all shops selling items deemed to be non-essential. For the past couple of decades, Green has been one of the most influential executives in European retailing. Though Green subsequently paid hundreds of millions into the pension, his reputation never recovered. Chappell, meanwhile, was this month sentenced to six years in jail for tax evasion during his time running BHS.
U.S. judge dismisses assault case against British retailer Philip Green: Arcadia
FILE PHOTO: Philip Green attends the TopShop Spring/Summer 2018 show at London Fashion Week in London, Britain, September 17, 2017. REUTERS/Mary Turner/File PhotoLONDON (Reuters) - Prosecutors in the United States have dropped a case against British retailer Philip Green that had alleged assault, his Arcadia company said on Monday, citing court documents. Last May Green, 67, was charged with four counts of misdemeanor assault in the United States after an Arizona pilates instructor accused him of repeatedly touching her inappropriately. At the time Green denied the allegations and on Monday Arcadia said the cases have been dropped. Last year Green staved off a collapse of his retail group when creditors approved a restructuring plan.feeds.reuters.com
Adidas is banking on Beyonce for growth with Ivy Park athletic wear line debut
Ivy Park Collection with Beyonce Source: AdidasAdidas is banking on pop icon Beyonce, who's dominated the airwaves for more than two decades, to do the same for the company with her new adidas x Ivy Park activewear collection, which makes its debut in adidas stores and online at midnight. Beyonce's Ivy Park collection originally rolled out in 2016 with Topshop, but the singer pulled the line after sexual harassment claims were filed against owner Philip Green. Beyonce acquired full control of the Ivy Park brand by purchasing back shares from Green a year later. "It's a dream come true to re-launch IVY PARK as the sole owner," Beyonce said in a statement. Ivy Park Collection with Beyonce Source: Adidascnbc.com