Green hails LA Topshop while he eyes Dreams
Tuesday 19 February 2013
Sir Philip Green has boasted of "fantastic" trading at the combined Topshop and Topman flagship in Los Angeles over its first weekend, as it emerged the billionaire is considering acquiring the beds retailer Dreams.
The retail tycoon opened the 30,000 square foot store in LA to a fanfare last Thursday, alongside the actress Kate Bosworth, in the latest expansion of his Arcadia empire, which also includes Bhs, Dorothy Perkins, Miss Selfridge and Burton. Sir Philip told The Independent: "Both brands [Topshop and Topman] performed way above our target. They were very strong."
The two-storey store is Arcadia's fourth in the United States, following openings in New York, Chicago and Las Vegas.
The LA store is the first since Sir Philip sold 25 per cent of Topshop and Topman to the US private-equity firm Leonard Green & Partners, in a deal that valued the two brands at £2bn in December. The businessman declined to comment yesterday on speculation that he has submitted a bid to acquire 270-store Dreams, which has been weighed down by its debts of £32m.
Mike Clare, the founder and former chief executive of Dreams, Sun European Partners, the owner of sofa chain SCS, and the private-equity arm of Royal Bank of Scotland, Dreams' main bank, are through to second-round bids around the end of this month. HIG Europe, the owner of mattress specialist Silentnight, is out of the running.
- 1 Ireland gay marriage vote: 'No' campaign appears to concede amid reports of 'yes' landslide victory
- 2 Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
- 3 Picture of couple posing with beached dolphin 'that later died' causes outrage
- 4 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
- 5 Arsenal fan asks the Queen for tickets to the FA Cup final - gets a reply from Buckingham Palace
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...