THE Topshop and Topman empire has been valued at £2 billion. The impressive figure was revealed through a transaction with US equity firm and J. Crew owner Leonard Green & Partners, who has acquired a 25 per cent stake in the company. Rumours of the sale began circulating yesterday, but Arcadia Boss Sir Philip Green confirmed the news today.
"Under my family's ownership, we have continued to invest in and grow the Topshop/Topman brands," said Green in a statement. "Having had extensive dialogue over several months, the Board felt that LGP becoming our partner would be extremely beneficial. Their experienced management teams and knowledge of retail in the USA will greatly assist Topshop/Topman with their global expansion."
The deal leaves the lucrative brand with no debt, giving Topshop the "flexibility to look at other opportunities to consolidate or acquire either on its own or in partnership with LGP" and the chance to become "major global players". Green maintained that he would not neglect other brands under the Arcadia stable, including Miss Selfridge, Dorothy Perkins and Burton.
"All of our other businesses will continue to be invested in and developed," he said. "We look forward to working with LGP as our new partner and also with all of our great long-serving executives and staff within the company."
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