Arcadia Group says it is making good progress as it focuses on digital, the customer experience and wholesale relationships following its move to close stores through a CVA earlier this year.
The group, whose brands include Top Shop, Top Man, womenswear brand Evans, Dorothy Perkins, Miss Selfridges and Outfit, used seven company voluntary agreements to close 50 of its 2,765 stores earlier this year.
It is now going through the process of reshaping its routes to market, whether that’s through key high street stores, through third-party wholesale retail customers including Next and Asos, or serving the customer online directly through its own websites.
Today Ian Grabiner, chief executive of Arcadia Group, said: “Since we completed our restructuring process over the summer we have bene making good progress with our plans, focusing investment on delivering better customer experiences, improving our digital offer and extending our wholesale partnerships. Despite the ongoing headwinds for UK retailers, I am confident this progress will continue.”
Grabiner was speaking as the businesses that own the Arcadia Group brands on behalf of ultimate owners the Green family – Arcadia Group, Taveta Investments Ltd and Top Shop and Top Man – announced the appointment of Andrew Coppel as chairman of their boards. Coppel’s previous experience includes chief executive roles at De Vere Group and Queens Moat Houses. He is currently chairman of property developer Dolphin Capital Investors and a non-executive director of housebuilding MJ Gleeson.
“I am pleased to welcome Andrew to the group,” Grabiner said. “He has a wealth of relevant experience and I look forward to working with him as we continue to implement our growth strategy.”
Andrew Coppel said: “I am delighted to have been appointed as chairman of the three principal Arcadia Group companies. Whilst the Group is not immune to the challenges affecting the UK retail sector, it owns several outstanding high street brands.
“Following the approval of the CVA, the Group has a stable platform from which to move forward. We have 18,000 very capable and loyal employees servicing our brands located in our 2,400 stores, concessions and franchises globally and through our wholesale partners, including Next, Asos, Zalando and Nordstrom in the US.
“Despite the macro factors currently impacting retailing in the UK, I am confident that we can make good progress in the interests of all our stakeholders.”
Image: Screenshot from Arcadiagroup.co.uk