Topshop Parent Company Will Bet On The Online Market And Will Close The Brand 100 Stores.
According to fashion headline news, the Arcadia group of Topshop, the UK's fast fashion giant, has revealed that it has closed 210 stores since 2016, and that 100 of its brand store tenancies will be closed after 2020 expires, and the future Arcadia will bet on the online market.
According to recent earnings reports, Arcadia Group Ltd. Holdings Taveta Investments Ltd. lost 42% to 124 million 100 thousand pounds in the fiscal year ended August 26, 2017, and sales fell below 2 billion pounds, down 5.6% to 1 billion 910 million pounds annually.
During the period, the group closed 41 stores, while striving for rent reduction for the other 25 stores.
In November 1, 2018, TOPSHOP issued a notice at Tmall flagship store, announcing that it would close its stores in the near future. This also meant that TOPSHOP had withdrawn from the Chinese market.
In November 6th, Topshop boss Philip Green Philip Green was plunged into a sexual harassment scandal. Then, Beyonce decided to pull out the brand Ivy Park from her Topshop parent company Arcadia. Beyonc's management company Parkwood now owns a 100% stake in Ivy Park brand.
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