2012 December 6
Sir Philip Green Sells Sizeable Stake of Topshop
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(NEW YORK) After rumors stirred yesterday regarding Topshop and Topman stake sales, it's been confirmed that Sir Philip Green has sold a 25 percent stake in Arcadia, which owns the duo of retail brands, to private equity firm Leonard Green & Partners LP, in an effort to raise roughly $800 million. The agreement follows months of talks between Green and the L.A.-based firm, which also holds investments in J.Crew and Neiman Marcus. The deal has resulted in Topshop and Topman's brand value collectively increasing to $3.22 billion.
Green gained control of Topshop from Arcadia in 2002 but his unsuccessful attempt at snagging Marks & Spencer in 2004 ensued major financial consequences. While Topshop stores internationally are currently performing well, Arcadia's group retail sales at large fell by 3.2 percent this year. As a result of the sale, the Arcadia group has been freed from its bank debt, enabling Topshop and Topman to grow further internationally.
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