Topshop parent Arcadia has a prospective buyer: G-III Apparel, owner of Tommy Hilfiger and Guess among others, is said to be bidding for the bankrupt British fashion empire.
American G-III Apparel, the holding company of Guess, DKNY, Calvin Klein and others, is also involved in the take-over battle around Arcadia Group. The British owner of Topshop went bankrupt in November and is now trying to sell as many parts and assets as possible. By the end of February, Deloitte's administrators would like to have the case closed.
So far, it is estimated that around 30 to 40 other potential buyers have come forward, but the wheat is being separated from the chaff now that the actual bidding has begun. Confirmed bidders currently include competitors Authentic Brands (Forever 21 and Juicy Couture) and the recently discredited Boohoo.
British online retailer Next is making a deal with American investor Davidson Kempner Capital Management. Next is said to be targeting Topshop and Topman, while Davidson Kempner wants the smaller subsidiary brands such as Miss Selfridge and Dorothy Perkins.
12,000 employees made redundant
Topshop alone is estimated to have a sales value of over 200 million pounds. That will be without the iconic flagship store on London's Oxford Street. The three-storey Topshop store pioneered the shopping experience in the 1990s and enjoyed international acclaim, with its live DJ sets, nail salon and 'personal shopper' service. Today, real estate agents are looking for both new tenants and buyers for the building.
Most of the proceeds from the sale are earmarked for investor group and main creditor Apollo, although a portion will probably also go to the pension fund for the 12,000 or so redundant employees. Earlier, the Evans womenswear brand was sold to City Chic, an Australian fashion retailer.