Topshop/Topman is set to lose its CEO in the latest blow to parent company Arcadia. Former Burberry exec Paul Price resigned this week for personal reasons, the company said. Price is relocating back to the US.
British retailer Arcadia Group will name the former head of De Vere hotel and leisure group Andrew Coppel as the chairman, Sky News reported on Wednesday. He will replace Jamie Drummond Smith on Thursday.
Last week’s Brexit deal and the pulling of Saturday’s Parliamentary vote have left the UK retail sector back where it has been for the last three+ years, facing an uncertain future as consumers shun unnecessary spending.
Arcadia has filed a new set of accounts at Companies House and it gives an insight into how bad trading has been at the business, with a swing to a loss last year. But it's talking up its growth focus for the future.
The heavily flagged arrival of Topshop on Asos is set to happen later this month with the Arcadia-owned brand debuting on September 30. ‘Brother’ brand Topman has been available via the online retail giant since June.
Arcadia has denied that Sir Philip Green is planning to break up his retail empire and said the turnaround plan is the key focus, despite a press report saying the firm is already separating shared functions.