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Sir Philip Green, the retail billionaire who was recently hauled before MPs over his role in the collapse of BHS, has now instructed McKinsey to undertake an entire review of the strategy of another of his high-street brands – Top Shop. Revealed as the fashion store was expected to suffer a fall in profits, the move follows a torrid year in the fortunes of UK fashion retailers. Top Shop is owned by Green’s Arcadia Group, and profits at its holding company, Taveta Investments, fell by 15% in the year to last August. Increasing competition from online stores now means for every £6 spent in physical shops, £1 is now spent online. Arcadia and McKinsey declined to comment, but the consultancy’s appointment was first reported by The Sunday Times.

philip green

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