Word: topshop
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Dates: during 2000-2009
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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...
Fired up by demand like that, Topshop is all set to go it alone. Days after the Barneys launch, Green announced plans to invest $100 million in Topshop's first three stand-alone stores in the U.S.--including a 70,000-sq.-ft. flagship in New York City--next spring. Topshop's U.S. adventure is the latest charge for growth among fast-fashion retailers, which specialize in constantly updated collections of cool clothing at prices so low the clothes are almost disposable. Over the past nine years, Topshop has carved an enviable niche atop this sector in Britain by appealing...
...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...
...Getting new fashions into stores even faster than before also became a central part of Topshop's revival. While traditional clothing retailers might take six weeks to get a design to sales floors, Topshop's trucks are delivering new duds to its outlets usually just two weeks after suppliers have received the order. The result: Topshop debuts hundreds of new pieces in its London flagship outlet every week. And if the emphasis on speed and stylishness means Topshop's togs are a bit more expensive, then so be it. That's a premium the chain's customers have come...
...With 300 stores in the U.K and 100 international outlets (all of them franchises) in Asia, Europe and Latin America, Topshop is looking to expand its reach further overseas. "There's no lack of demand," Green says. Even after opening its biggest international store in Stockholm, he says, Scandinavia still holds tremendous potential. But to grow much larger, Topshop will have to make some radical changes. Today, no matter where its smock dresses or miniskirts are stitched together - or where they're destined - everything passes through the U.K. "The existing franchising model and supply chain would not work for significant...