Philip Green To Acquire Etam

Mr Green's Arcadia Group has more than 2,000 outlets across the UK. UK retail entrepreneur Philip Green is to buy fashion chain Etam, in a deal thought to be worth £10m. The Arcadia Group currently has more than 2000 outlets in the UK.

Mr Green confirmed he would be buying the chain's 213 UK stores from French owner Etam Developpement. He told news agency AFX that the buy was a "strategic fit" for his business, but declined to say how much he was paying for the business.

Etam UK - whose brands include Etam, Tammy and Emily May - posted a £25.9m ($48.5m) loss in 2004. The buy follows Mr Green's failed £9.1bn bid to buy High Street name Marks & Spencer last year. The billionaire is owner of Arcadia Group, which includes High Street store chain BhS, and the store brands Wallis, Burton and Top Shop.