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Topshop Keeps Presence in Australia
UK-based Topshop parent, Arcadia Group, has purchased parts of the Topshop brand back from its Australian franchisee. Topshop is keeping four stores operating in the country.
Topshop had operated 17 Topshop and Topman stores in Australia until May this year, when it entered into voluntary administration following mounting debt and heavy discounting.
It’s UK owner, Arcadia Group was able to save four of its local stores from potential closure, including Melbourne’s Emporium, Sydney CBD, Bondi Junction and Brisbane City – these stores will now be operated by the UK based retailer.
Myer has also closed its 17 Topshop concessions this year, exiting the brand as it approached the end of financial year, confirming a $6.8 million write down as a result of relinquishing its 20 percent stake in Topshop / Topman’s Australian business.
It is unclear when and if Topshop’s online store will reopen. It’s local e-commerce platform, which only launched in March this year, closed only two months later. The late launch of its e-commerce operations in Australia has been sited as a major reason the retailer’s near collapse. Aussie online shoppers can now buy via Topshop’s UK online store topshop.com, and have items delivered to Australia.
Following Topshop Australia’s latest restructure, the new owners confirmed more than 290 Australian jobs will be offered.
“We are excited to operate directly in the Australian market and look forward to delivering unparalleled fashion to our customers. We are delighted to be offering more than 290 jobs within the Australian market at Topshop and Topman,” said a Topshop / Topman spokesperson.
“The Administrators are delighted with the outcome of our discussions with Topshop / Topman as it finalises a successful restructure and right sizing of the business in Australia. Throughout this process we have considered the optimal operational structure of the business, ensuring the brand will continue in the local market and to preserve a significant number of jobs within the business,” said Ferrier Hodgson in a company statement.