Billionaire Philip Green has shed $3 billion amid the British retail apocalypse by DavidGDawkins
Philip Nigel Ross Green is a Londoner, more specifically a suburbanite “Croydon boy” and a businessman very much in the so-called wheeler-dealer tradition. Despite attending Carmel College, the so-called “Jewish Eton”, as the son of middle-class property developer, Green knew at an early age that his career would follow a different path to his big banking, high-finance friends.
It was an era of success and excess: At his Top Shop fashion shows he arrived with Beyonce on one arm, supermodel Cara Delevingne on the other, and famously celebrated his 60th birthday with A-listers like Leonardo DiCaprio and live performances from Stevie Wonder and the Beach Boys. A temporary stay of execution arrived in June this year after the landlords to his 570 standalone stores approved a deal to spare his empire from closure.
These were the glory days, in 2007 Arcadia’s profits hit $490 million with total sales at the group rising by just over 5% to $3.81 billion.In 2012 Green sold a 25% stake in the Top Shop retail chain to the American private equity firm Leonard Green & Partners for an estimated $805 million. The deal was thought to precede Top Shop’s U.S. expansion, valuing Top Shop alone at over $3 billion, according to Green’s statement.
Needless to say, investors are not optimistic in a firm that has thus far failed to invest in its stores, its brands and its online offering at a time when more and more of its customer base goes online. There’s one glimmer of optimism: “Top Shop is still a decent business. It's definitely been in very material decline for a couple of years. But I think a couple of years decline is a bridgeable gap.”
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