FLOPSHOP DOWN UNDER; FINANCE.
Byline: Edited by GRAHAM HISCOTT
Tycoon Sir Philip Green is set to take control of Topshop's Australian arm after it went into administration.
The billionaire, whose reputation is still in tatters after the collapse of BHS, is in talks to rescue the offshoot, which also includes the Topman brand.
Topshop Australia was launched in 2011, when the rights Down Under were bought by entrepreneur Hilton Seskin. It is run on a franchise basis, which pays Sir Philip's Arcadia for using the name.
The offshoot has nine stores and 17 concessions in department store Myer, and has annual sales of about PS52million. But reports say it racked up losses as it struggled to compete with rivals such as Zara and H&M. Being put into administration threatens the jobs of 760 staff.
Seskin claimed the venture had failed because the franchise nature of the set-up was "broken".
An Arcadia spokesman said: "We are working with the administrators to find a solution."
The administration is a set back for Sir Philip, who is banking on Topshop becoming a global hit.
G'BYE Green in Oz rescue talks
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|Publication:||The Mirror (London, England)|
|Date:||May 26, 2017|
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