The Topshop deal is stirring things up in British fashion as the high street powerhouse, Sir Philip Green, has now officially sold a 25% stake to Leonard Green & Partners, the owners of J Crew, garnering him some 500 million pounds.
Topshop, also known for their high-voltage collaboration with Kate Moss and her collection which first launched in 2007 at Topshop stores exclusively, has become one of the most preferred brands/stores among young women in the UK (see also our European Youth Culture Studies). Kate Moss coming on board gave cred to the affordable, trendy brand and major publicity that solidified the concept that affordable fashion doesn’t necessarily mean cheap and dated.
Topshop, like Uniqlo from Japan, is among a new crop of sought-after stores/brands among American youth culture as it enters into the United States. Currently, there are Topshops in New York City, Chicago, and Las Vegas, and a 4th planned to open in Los Angeles in the Spring of 2013.
Sir Philip Green is also known for starting the mega fashion powerhouse Arcadia which includes brands such as Miss Selfridge, another very popular brand among youth culture in the UK. Arcadia currently employs some 43,000 people.
Sir Philip has also announced a deal with Nordstroms to sell Topshop and Topman clothing in up to 100 Nordstrom stores in the near future.