Topshop's Sir Philip Green aims for billion-dollar US arm
High street tycoon outlines plans for global expansion, revealing he still has 'the whiff in his nostrils'
SIR PHILIP GREEN has revealed he wants to launch dozens of new Topshop stores in America, declaring: "My aim is to have a billion-dollar business in America within five years."
Speaking to the Sunday Telegraph, Green said the Arcadia-owned brand, valued at £2 billion, aimed to open up to 30 stores in the US over the next five years. At present Topshop has stores in four US cities; New York, Chicago, Las Vegas and Los Angeles.
"Each city we've been to, they're cheering with us and they're welcoming us," Green said. "They want you to win and they are happy when you do."
Outlining his ambitions for global expansion, the Arcadia Group boss said still has the "whiff in his nostrils", adding that he plans to open Topshop stores in Canada, Australia, South Africa, Brazil and Hong Kong and possibly even China. "I still think we can do China and I think once we do Hong Kong, China will become more obvious because it's easier being local and being able to talk to people," he said.
However, he sounded a note of caution: "We need to make sure the brand's protected – that it's set up in the right way, the stores are fitted properly. We don't want to just open shops for the sake of opening shops."
Green, whose Arcadia group also owns BHS, Dorothy Perkins and Miss Selfridge, acknowledged the British high street had faced a tough time over the past 18 months. But he called on stores to increase their efforts in the face of the threat from online shopping. "You've got to work a lot harder," he said. "You know the customer is more discerning. You can shop at 50 shops online without getting out of bed." ·