Sir Philip Green plans to open the first Topshop stores in mainland China next year.
A deal has been struck with a local partner that could lead to 80 stores opening in the fast-growing Chinese retail market, the first of which is earmarked to open its doors from the spring or summer, potentially in Beijing or Shanghai.
Topshop is the jewel in the crown of Arcadia — the Green family’s retail group.
The expansion into China comes after an online launch two years ago under which Topshop is sold through Shangpin.com. Topshop also has a few stores in Hong Kong.
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The Chinese venture marks his first big deal since BHS went bust in April. Sir Philip sold the chain in 2015.
In a statement, Sir Philip said the Chinese venture with Shangpin would “cement Topshop and Topman’s mission of becoming truly global businesses”. He added: “For the first time both brands will deliver high fashion to the shop floor and beyond by opening full-scale stores in China — host to the world’s fastest-growing retail economy.”
The Topshop chain has expanded to 620 shops in 40 countries, including ten standalone stores in the US.
Sir Philip sold a 25 per cent stake in Topshop and Topman to Leonard Green & Partners, the US private equity firm in 2012.