Philip Green to revamp Arcadia |
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Friday, 01 June 2007 |
Sir Philip Green is planning a major revamp of his business empire that will include spending £370m growing both the Arcadia and Bhs operations over the next three years. Green said he had reviewed all of his fashion brands and concluded many of the older stores needed attention. That means around £80m a year will be spent on Arcadia-owned stores, while Bhs will get £40m a year, with Green saying each business would receive investment in proportion to its size and profits.
Much of the expenditure will go on Topshop, the biggest brand within the Arcadia stable. Twenty Arcadia stores will open over the next 15 months, while 10 Bhs outlets will receive a facelift this August. While news of the review had earlier fuelled speculation that the struggling Bhs chain could be put up for sale, Green scotched such rumours: "I have no intention of breaking this business up. As of today we are not in discussions with anyone about selling it," he told The Daily Mail.
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