Beyonce has partnered with Topshop owner Sir Philip Green to launch an eagerly awaited athletic streetwear fashion range in 2016. Other associates in this Parkwood Topshop Athletic joint venture include Dorothy Perkins and Miss Selfridge.
This follows Beyonce collaborating closely with Green’s Arcadia group to bring to the fore the new streetwear brand that is set to be sold in 20 countries.
The holding company for Green’s retail brands, Taveta Investments, said robust cash generation had been achieved in the UK across all its brands in the year to August 29 in the face of tough trading and a fast changing retail landscape.
Arcadia’s operating profits were up 5.5 per cent to £251.6 million and its sales for the 12-month period to August totalled at £2.06 billion. It made a total pretax profit of £202 million, up from £198 million in the previous year. Total like-for-like sales were down 0.7 per cent, but the overall turnover figure was helped by a surge in online purchases.
During this 12-month period Topshops were set up in New Zealand, Australia and Canada while 86 stores were closed worldwide as a result of expired leases. The UK store portfolio now stands at 2,358.
Arcadia is also forming partnerships for its Topshop range with reality TV stars Kendall and Kylie Jenner, and opening various brands in Tesco stores in its quest to drive sales growth.
