Arcadia making “good progress” since CVA launch, CEO says

Arcadia Ian Grabiner Sir Philip Green
The group is focusing on digital, customer experience and wholesale relationships following its CVA launch
// Arcadia is bearing fruit from CVA launch
// In June, it closed 50 of its 2765 stores

Arcadia has said the group is making “good progress” as it focuses on digital, customer experience and wholesale relationships following its move to close stores through a CVA earlier this year.

The fashion group, which owns Topshop, Topman, Evans, Dorothy Perkins, and Miss Selfridges, used seven CVAs to close 50 of its 2765 stores in June this year.

Arcadia chief executive Ian Grabiner said the group is through the process of reshaping its routes to market.

READ MORE: Arcadia appoints Andrew Coppel as new chairman

“Since we completed our restructuring process over the summer we have been making good progress with our plans, focusing investment on delivering better customer experiences, improving our digital offer and extending our wholesale partnerships.

“Despite the ongoing headwinds for UK retailers, I am confident this progress will continue,” he said.

Arcadia’s most recent turnaround effort includes appointing the former boss of the De Vere hotel group, Andrew Coppel, as its new chairman.

Coppel will assume the chairmanships of Arcadia, Topshop Topman Ltd, and their parent company Taveta Investments – all of which are owned by Sir Philip Green.

“I am pleased to welcome Andrew to the group,” Grabiner said.

“He has a wealth of relevant experience and I look forward to working with him as we continue to implement our growth strategy.”

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