2012 December 6
Sir Philip Green Sells Sizeable Stake of Topshop
Getty Images View Gallery
(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.
Meaghan Murphy, formerly deputy editor at Self, has been named executive editor at Good Housekeeping...John Brodie, formerly executive editor at Hachette Book Group, has been named...
Goop’s CEO Is Leaving The Company [Racked] Following Gwyneth Paltrow’s decision to move the company from London to L.A., CEO Seb Bishop resigned...Lula Magazine Gets A Revamp [...
Marimekko has brought on Anna Teurnell as creative director to lead all of the design teams for the Finnish brand in Paris and Stockholm. Teurnell will handle the design strategy for...
- Jourdan Dunn Nabs Maybelline New York Spokesmodel Gig
- The Assistant Files, Vol. 45: Meghan Colley, Glamour's Connie Anne Phillips
- Links of The Daily
- Mary Katrantzou To Collaborate With Adidas
- The Outnet Toasts Five Years With An Anniversary Collection Of Exclusives
- Genetic Denim Gets A Boost From Major Investors, Jimmy Iovine and Peter Morton