Topshop owner Sir Philip Green is making a move to attempt to save Topshop Australia after its franchise partner in the country, Austradia Pty, was placed into administration on Wednesday of this week.
Arcadia, Green’s empire which includes Topshop, Dorothy Perkins and Miss Selfridge among others, is reported to be in talks with administrators Ferrier Hodgson that could lead to it taking control of the Australian business.
The brand was launched in Australia six years ago and has nine standalone stores and 17 concessions in department store chain Myer, which owns a 20% stake in the franchise following a deal made in 2015. The franchise, which turns over around £52m, is believed to have been loss-making since launch.
Ferrier Hodgson has confirmed that the business, which employs 760 staff, will remain trading as usual for the time-being. “It will be business as usual as the administrators work closely with Arcadia Group (the UK owners of the Topshop/Topman brand) on supporting and right-sizing the Australian business to a sustainable platform going forward,” it said.
Myer released a statement acknowledging the Austradia’s fall into administration and said that it was working with Ferrier Hodgson and Arcadia “to deliver the best outcomes for customers and other stakeholders“.
