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 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 2 Greece debt crisis explained: A history of just how the country landed itself in such a mess
- 3 People all over the world are getting semicolon tattoos to draw attention to mental health
- 4 Greek debt crisis: Yanis Varoufakis's funniest (and most memorable) quotes
- 5 The biggest first date turnoff has been revealed
Greece debt crisis explained: A history of just how the country landed itself in such a mess
Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
Man dies instantly after shooting firework from top of his head
Isis schoolgirl Amira Abase who fled London to join terrorists in Syria mocks victims of Tunisia massacre
Father faces deportation to Thailand after 27 years in Britain for two 'stupid crimes'
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...