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Paul Price resigns as Topshop CEO

Topshop and Topman chief executive Paul Price has resigned after just over two years in the role. 

He will leave the business at the end of the year to relocate back to the US. Price joined Topshop and Topman in September 2017 from Burberry, where he had been chief merchandising officer for 10 years. 

It is not clear whether Arcadia has begun the search for a replacement. 

Arcadia suppliers told Drapers that the retailer now needs to appoint “the right people” to boost head office morale. 

“[Price] was brought in from Burberry because Arcadia wanted to bring in some big-name signings”, one Arcadia supplier told Drapers.

He added: “The morale is terrible and its worst place in the world to be at the moment.”

Meanwhile, another Arcadia supplier said: “The group has now got to get the right people in, they’ve got to be razor-sharp and one of the movers and shakers of the generation they’re appealing to. I can’t see why it can’t get back to the glory days.”

The news comes at the end of a challenging year for the business. Arcadia successfully passed seven CVAs in June this year, which included the closure of 48 of its UK and Irish stores and slashing rents across the remainder of its portfolio.

The group’s brands comprise TopshopTopmanWallis, Burton, Dorothy Perkins, Evans, Miss Selfridge and Outfit. As part of the CVAs, Topshop and Topman’s retail operations in the US were placed into administration.

In September, Arcadia reported an operating loss of £138m for the 53 weeks to 1 September 2018, and admitted it could require additional financing to deliver its turnaround.

It was the first time in seven years that Green’s empire has reported a loss, falling into the red from a £199m profit in 2017.

Readers' comments (2)

  • Not so sure that Paul was right for this business and i don't agree with the above about moral being bad. The mood has improved in last couple of months, figures are on the up and everyone i have met recently has been very positive with many departments well up on plan and records i believe being broken on Black Friday with some of their Wholesale partners. Whilst Arcadia is not yet out of the woods and God knows where this Retailer will end up the steps they took earlier in the year are starting to take effect.

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  • my bad "morale" !

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