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We all know the power of the Fenty effect, but did Beyoncé's backlash help shut down Topshop's US stores?
On Thursday, the beleaguered UK-based brand announced that after a decade in the United States, it would close its 11 US stores. This decision comes in the middle of a bankruptcy filing in New York, reported for the first time by The Wall Street Journal, and the loss, late 2018, of its biggest celebrity collaborator (no shadow, Kate Moss ), after Beyoncé retrieved it. time All of Ivy Park's shares were announced later, announcing its intention to revive the line of sportswear with Adidas.
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According to Business Insider, Ian Grabiner, CEO of Arcadia Group, owner of Topshop and undergoing a "restructuring", said the closures were a "difficult but necessary decision for the company". In a statement, Grabiner cited "the challenging retail environment, changing consumer habits and intensifying online competition are the main reasons for its current difficulties."
Allegations of misconduct against the president and owner of Arcadia, Sir Philip Green, who faces "multiple charges of sexual harassment, racial abuse, intimidation and misuse of non-disclosure agreements to hide its misdeeds "led to a boycott of brands, as we reported in November. According to information published by Business Insider in mid-May, Green's fortune had halved, reducing his status as a billionaire (the Guardian), "Time has passed on Philip Green's American fashion empire" .
According to the BBC, the British Parliament's Labor and Pension Committee has also ordered Green to reconcile a shortfall in the company's pension fund, which Arcadia had already proposed to cut in half as part of its restructuring plan. . About 520 jobs are also at risk, although the Guardian says the number could reach 19,000 people employed by Arcadia if restructuring efforts fail.
The closing of Topshop's 11 US sites, which include stores in New York, Los Angeles, Miami and Chicago, accounts for about half of the 23 closed stores worldwide. For Topshop / Topman enthusiasts, an Arcadia spokesperson assured that Business Insider would still be available online and through existing partners such as Nordstrom.
Meanwhile, somewhere, Beyoncé will probably hum "I do not think" about you … "
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