Word: arcadia
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Green, the billionaire owner of the Arcadia Group, which controls a clutch of British clothing chains including Miss Selfridge and Wallis, is watching a spot about the latest fashion collection to hit Topshop, the jewel in Arcadia's crown. The much ballyhooed line inspired by Kate Moss--the supermodel's wardrobe formed the basis of the designs--went on sale the previous night at the chain's flagship store in London. Basking in the nonstop Moss-fueled coverage, Green can't help smiling: "You couldn't dream for a better start," he says. On May 9, the hype crossed...
...Topshop formula is proving not just popular but profitable too. The chain made around $200 million in pretax profits last year on revenues of approximately $1.14 billion. That's about half the total profits and a third of sales at the privately owned Arcadia Group. It wasn't always this way, says Nick Bubb, a retail analyst at Pali International in London--less than 10 years ago, profits were as little as a tenth of last year...
...Green, the billionaire owner of the Arcadia Group, which controls a clutch of U.K. clothing chains like Miss Selfridge and Wallis, is watching a spot about the latest fashion collection to hit Topshop, the jewel in Arcadia's crown. The much-ballyhooed line inspired by Kate Moss - the supermodel's own wardrobe formed the basis of the designs - went on sale the previous night at the chain's flagship store in London. Basking in the nonstop Moss-fueled coverage, Green can't help but smile: "You couldn't dream for a better start," he says...
...Topshop formula is proving not just popular, but profitable, too. The chain made around $200 million in pretax earnings last year on revenues of approximately $1.14 billion. That's about half the total profits and a third of sales at the privately owned Arcadia Group. It wasn't always this way. As recently as the late 1990s, says Nick Bubb, a retail analyst at Pali International in London, profits were as little as one-tenth last year's haul...
...managers decided to stop competing just on price. "The decision was made to create a fashion authority," says Mary Homer, a joint managing director of Topshop who's been at the retailer for 20 years. (Green, a retail entrepreneur with years of experience in various types of businesses, acquired Arcadia in 2002, and helped execute the strategy already under way.) The company now employs 22 of its own designers, up from around a dozen in 2002, and they aim to create new looks just as deftly as they copy those from the catwalks...