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Tag: Arcadia

  • British retailer Next, US investor plan joint bid for Arcadia

    British retailer Next, US investor plan joint bid for Arcadia

    Fashion retailer Next is in talks with American investment firm Davidson Kempner Capital Management for a joint bid to gain control of Arcadia fashion group, which collapsed into administration last month, Sky News reported on Friday.

    The two companies were “likely, but not certain” to bid for Arcadia ahead of a revised deadline next Monday, the Sky News report added, citing sources.

    Under the plans being discussed, Davidson Kempner would provide the majority of the funding required to complete a takeover, Sky News reported.

    Next and Davidson Kempner Capital Management did not immediately respond to requests for comment.

    Arcadia’s collapse into administration in November put over 13,000 jobs at risk, with the company becoming one of the UK’s biggest corporate casualties of the COVID-19 pandemic.

    The fashion group, whose brands include Topshop, Topman, Dorothy Perkins, Wallis and Miss Selfridge, trades from 444 leased sites in the United Kingdom and 22 overseas.

    The Daily Telegraph earlier this month reported Authentic Brands was planning a takeover of Arcadia Group, which had declined sportswear group Frasers’ offer of a “lifeline” loan of up to 50 million pounds.

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  • Topshop Topman end franchise agreement with China’s Shangpin

    Topshop Topman end franchise agreement with China’s Shangpin

    British apparel group Arcadia has terminated its contract with Chinese franchisee Shangpin to represent its Topshop brand in the PRC.

    Arcadia chairman Sir Philip Green had announced plans to open 80 stores in the region with the Chinese franchise partner in 2016 said that it signalled “the start of a unique, exciting and exclusive partnership that will cement Topshop and Topman’s mission of becoming truly global businesses”.

    None of the planned stores eventually opened.

    A spokesperson for the brand said “Topshop, Topman and Chinese franchise partner Shangpin have reached a mutual agreement to an early termination,” but the UK company nonetheless considered China a “hugely significant market for development”.

    The company said it continues to seek opportunities to grow Arcadia’s brands in China.

  • Arcadia to launch first stores in mainland China

    Arcadia to launch first stores in mainland China

    A deal struck with local retailer ShangPin will see five stores open in the country, with a further 75 in the pipeline if the venture is a success. Topshop opened its first store in Hong Kong in 2013 and Green has been eying further expansion for a number of years.

    The Arcadia Group chairman said the deal would “cement Topshop and Topman’s mission of becoming truly global businesses.”

    He added: “For the first time both brands will deliver high fashion to the shop floor and beyond by opening full scale stores in China – host to the world’s largest growing retail economy.”

    Department store House of Fraser is also poised to open its first Chinese store in Nanjing at the end of this month.

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  • Arcadia Malaysia partner rules out expansion

    Arcadia Malaysia partner rules out expansion

    Wing Tai, the corporate retailer which partners with Uniqlo and a raft of other brands, including the Arcadia Malaysia stores, says it is streamlining its retail business.

    The listed company has 85 retail stores in Malaysia’s major cities under 12 international brands – Topshop, Topman, Dorothy Perkins, Miss Selfridge, Warehouse, Karen Millen, Pumpkin Patch, Wallies, BCBG, Ben Sherman, Burton and Furla. It also has a 45 per cent stake in the joint venture with Japan’s Fast Retailing, operating 25 Uniqlo stores.

    Wing Tai GM of finance Lee Kong Beng says while the Uniqlo store network, targeting the value driven fast fashion customers, will expand into suburban markets, the Arcadia brands like Topshop and Topman have reached their limits in Malaysia.

    “We will not expand (the Arcadia brands),” he told a press briefing this week.

    He said while there were no current plans to close Arcadia stores, if any store failed to generate positive cashflow or profit it would be cut.

    “For retail, we’d just consolidate because it’s challenging. So no point being a hero, where you open outlets and the sale is not there.”

    Lee said the company was finding the current retail market in Malaysia challenging following the introduction of GST on April 1, which consumers are slowly adjusting to.

    An influx of tourists was bolstering the group’s earnings, with spending holding up in stores in high profile shopping malls.

    “We expect retail sales to pick up because of the weakening of the ringgit, so it’s cheaper to shop in Malaysia rather than in Singapore. It’s a matter of time people get used to GST. We see that (retail sales) are more stabilised now,” Lee said.

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