Philip Green news and archive

Topshop's iconic Oxford Street store is for sale for 400 million pounds

A defining location on London’s Oxford Street, Sir Philip’s Green tarnished empire has taken another hit with the Topshop flagship store on sale. The listing price is over 400 million pounds, according to the Guardian, with US property investment bank, Eastdil Secured, managing the sale. Currently Redcastle Ltd controls the Oxford Street store,...

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Business

Philip Green's retail empire suffers dramatic loss

Sir Philip Green’s Arcadia Group has suffered an unprecedented loss of 169 million pounds, as the ailing business narrowly avoided a collapse in June this year. Accounts filed by Arcadia’s holding company Taveta Investments Ltd showed turnover fell 4.5 percent to 1.81 billion pounds, while operating profit fell to 78.1 million pounds from 124.1...

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Topshop owner Sir Philip Green loses billionaire status

Topshop owner Sir Philip Green has lost his status as a billionaire as the former king of the high street sees his fortune halved, according to the Sunday Times Rich List. Green’s wealth has been estimated at 950 million pounds, down from 4.9 billion pounds in 2007. This is the first time in 17 years that Sir Philip has not been listed as a...

Retail

Sir Philip Green sells BHS headquarters for 44 million pounds

Sir Philip Green has sold the former BHS head office in London for 44 million pounds to investment group Aprirose. The sale comes nearly four years after Green offloaded the BHS retail group for just one pound. The building was reportedly under Arcadia ownership since 2016. The former headquarters were situated in Marylebone House in central...

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Fashion

Recap: the biggest fashion controversies of 2018

Some people say any publicity is good publicity. These fashion companies probably hope that is true, considering they made headlines in 2018 for what many would deem the wrong reasons. Without further ado, here are the biggest controversies to have shaken the fashion world this year. Size matters In January, Victoria Beckham’s namesake label was...

Fashion

Fashion in the news: the long winding road to Brexit

Every week, FashionUnited offers an overview of the most interesting reads about the fashion industry across UK media outlets. Brexit: what you need to know Last week was shaken by the news of a draft Brexit deal setting out the terms of separation between the UK and the EU. As the news has significant impact on the fashion industry and high...

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Fashion

Beyonce buys out Ivy Park clothing line from Philip Green

Beyonce has bought out Philip Green from her Ivy Park line after allegations of his sexual misconduct. Beyonce had teamed with the billionaire owner of the Arcadia group in 2014 to create her popular athletic streetwear line, which ultimately launched in 2016 via the Arcadia Group’s Topshop. The ownership of Ivy Park was originally a 50-50...

Retail

Sixty percent of former BHS stores remain vacant

British Home Stores (BHS), the former Arcadia owned department store closed its 160 remaining stores last August when the company collapsed into administration. 16 months later, 60 percent of those stores are still unoccupied. Of the 64 stores that have been occupied, most are situated in key cities London, Manchester, Leeds, Bristol as well as...

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Business

Sir Philip Green faces renewed scrutiny

Sir Philip Green, owner of fashion emporium Arcadia Group, is once again under scrutiny from members of parliament. MPs have cited Green's Arcadia fashion group as a key target in a major crackdown on secretive private businesses, according to the Mail on Sunday. The Work and Pensions Committee of MPs, chaired by Green’s fiercest critic, Frank...

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Business

Will Philip Green be stripped of his assets to fund BHS deficit?

For Sir Philip Green, it is the story that just won't go away. First the threat of losing his title, now his assets are under scrutiny. According to the BBC, the investigative committee proving the BHS collapse have asked the Pensions Regulator whether assets can be seized from the former owner. In a published letter to Lesley Titcomb, MP Frank...

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Business

Remaining BHS stores to close

BHS is to close its remaining stores in the UK within the next four weeks, Sky News has reported. The move will possibly cost 5,000 jobs. The department store chain fell into administration this past April. According to Sky News, administrators are expected to announce the closure of the last 114 stores on Monday. The BHS debacle, which saw...

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Retail

Sir Philip Green to offer 1,000 BHS staff jobs at Arcadia

Sir Philip Green is to offer 1,000 jobs to former BHS employees at his Arcadia empire. The move comes after Green was questioned by MP's during a parliamentary hearing and promised to address the 571 million pound pension deficit that affects 20,000 former and current staff. Sir Philip apologised to the staff of the collapsed retailer and said:...