British media is abuzz with reports of Sir Philip Green planning to sell all or some of his Arcadia Group empire, which includes Topshop, Topman, Wallis, Evans, Burton, Miss Selfridge, Dorothy Perkins and Outfit, to Chinese firm Shandong Ruyi. This may put an end to his 50-year career in retail. Arcadia’s 2,800 stores around the world employ more than 26,000.

Its flagship brand Topshop and other stores like Burton and Miss Selfridge have been struggling amid the rise of online rivals. According to ‘The Sunday Times’, Ruyi has held discussions and looked over the books of Arcadia.

The Chinese company has been on a buying spree in Europe, acquiring a controlling stake in the Swiss luxury leather goods brand Bally in January this year and bargained a 54 per cent stake in the fashion manufacturer Bagir. It also bought the troubled British heritage brand Acquascutum last year, after taking a majority stake in the French fashion house SMCP in 2016.

Green’s reputation has been on a decline following the sale of department store BHS to serial bankrupt Dominic Chapell in 2015. The store collapsed little more than a year later. (DS)

Fibre2Fashion News Desk – India

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