Sir Philip Green is a British entrepreneur and the chief executive of Arcadia, a British retail group that includes the Topshop and Topman brands.
Arcadia proposed a restructuring plan in 2019 that would slash store rents and close some locations. Arcadia Group filed for bankruptcy in the US in May 2019, and announced that it was shutting down all of its US stores. Creditors voted in June 2019 to approve a plan which saved the company from being broken up or liquidated.
Once the nation’s king of retail and one of Britain’s richest men with a net worth of $6.6 billion in 2013, Green’s fortune has slumped to about $2 billion in 2019 and more than half of his wealth is derived from dividends taken out of Arcadia.
In October 2018, Green was revealed to be the subject of an anonymous report in The Telegraph about a “leading businessman” who was allegedly guilty of “sexual harassment and racial abuse of staff.” Labour peer Peter Hain exercised parliamentary privilege in the House of Lords to name Green as the subject of the allegations. MPs called for a revocation of Green's knighthood, however, he retained it.
In May 2019, Green was accused of being a serial assaulter in the House of Lords by Hain, who said he’d heard from hundreds of women who’d said Green had touched them inappropriately. A week later, Green was charged with four counts of misdemeanor assault in the US after an Arizona pilates teacher accused him of frequently touching her inappropriately.
Green bought the ailing Arcadia group, which included British high street chains Burton, Dorothy Perkins, Evans, Miss Selfridge, Wallis, Outfit, Topshop and Topman, in 2002, and sold it to his Monte Carlo-based wife within 24 hours, installing himself as chief executive instead.
Prior to the group’s collapse, Green had developed the Topshop brand a global fashion force, expanding product offerings, building flagships and enticing Kate Moss to collaborate on a branded fashion line. Green opened a Fashion Retail Academy in 2008, where students can study over courses including fashion design, merchandising and finance.
After leaving boarding school at 15, Green worked for a shoe importer before travelling to the US, Europe and the Far East. It was on his return that he set up his first business with a £20,000 loan, importing jeans from the Far East to sell on to retailers in London; the first of many successful entrepreneurial ventures for one of fashion’s savviest retailers.