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Topshop loses top man in ‘amicable’ departure

by ace
Paul Price, CEO of Topshop and Topman

Troubled boss Topshop and Topman are expected to step down at the end of the year for "personal reasons," it was announced.

Sir Philip Green, who heads the fashion empire of the Arcadia Group, which includes both street brands, said Paul Price's departure is "completely friendly" and has nothing to do with their performance.

Price, who joined Topshop in September 2017 after a decade working at Burberry luxury fashion house, is returning to America.

Image:
Sir Philip Green (center) says Price (far right) is leaving the business for & # 39; personal and private reasons & # 39;

The announcement follows a turbulent period for Arcadia, which has undergone a major overhaul to prevent collapse, including closing stores and losing jobs.

Last month, Arcadia announced the appointment of hotel veteran Andrew Coppel as president to help address the retail group's turnaround ahead of the critical Christmas trading period.

Sir Philip said, "He's leaving, but he's not gone yet. Besides, it's business as usual.

"He's leaving for personal and personal reasons to return to the United States – everything is totally friendly."

In a statement, Arcadia said: "After two years as CEO of Topshop Topman, Paul Price has made the decision to re-enter the US and will go out of business in late December 2019."

It is understood that Arcadia CEO Ian Grabiner will lead operations in both brands following Price's departure.

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