Arcadia Group founder Sir Philip Green has announced he intends to grow its Topshop and Topman US business into a billion-dollar empire in the next five years.
Green plans to open a further 25-30 stores in the US, a significant increase from its current four standalone stores. The company currently also has 14 concessions within Nordstrom department stores.
US private equity firm Leonard Green & Partners, which owns a 25 percent stake in Topshop, is reportedly keen to move even quicker in terms of further expansion. The retailers has some way to go to catch up to fellow European rivals H&M and Zara which have 250 and 44 stores in the US, respectively. As such, there is a need for the retailer to expedite its expansion programme, in order to capitalise further on its burgeoning popularity in the US.