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Business News

Green hails LA Topshop while he eyes Dreams


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.