The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — British retail businessman Philip Green has agreed to pledge another £25 million to Arcadia Group's pension scheme, Sky News reported on Tuesday.
The latest funding, in the form of security over Arcadia property assets, was part of a bid to secure The Pensions Regulator's backing for the restructuring of Green's Top Shop empire, Sky News said.
The total amount injected to Arcadia's pension fund during the next three years would increase to £385 million from £360 million, Sky News reported.
Last month, Philip Green's wife Tina Green, who is also the group's shareholder, had offered to bridge the pension scheme's shortfall with £25 million per year for the next three years, plus another £25 million contribution, resulting in total payments into the scheme of £100 million.
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Arcadia, which runs fashion retailers such as Dorothy Perkins, Miss Selfridge and Evans, had said it would close 23 of its 566 stores in the Britain and Ireland.
Arcadia did not immediately respond to a request for comment.
By Maria Ponnezhath; Editor: Edmund Blair
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.