The fashion retail tycoon behind Topshop and other brands has been struggling for years. The coronavirus pandemic places a particularly tough burden on the company and on its reputation, analysts say.
After successfully winning the battle to save his stores–including Topshop/Topman, Miss Selfridge, Burton, Dorothy Perkins, Evans and Wallis–in June last year, Green is now waging a new battle for which he could not possibly prepare.
Although having suffered seven days of isolation for corona-like symptoms himself, Hyman says that amongst the CEOs he’s spoken with , “store sales are 90% down and online 50% is down.” The appetite Philip and his wife Christina Green have for digging into their own pockets remains unknown. What is known is that there simply isn’t as much there to dig through today as there once was.The lion’s share of the Green fortune comes from a dividend Arcadia paid to Green and his wife, Lady Tina Green, of $2.1 billion in 2005.
Anusha Couttigane, principal fashion analyst at Kantar, says the survival of these retail empires will depend on the time until social distancing measures are officially relaxed. An important point that shops simply do not yet know.that there is no business that is not vulnerable and no business saw this coming. But the ones that survive will be remembered for the role they played when times were tough.
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