Industry watchers have blamed the two brands for Arcadias fall from grace in recent times

Industry watchers have blamed the two brands for Arcadia's fall from grace in recent times

The CEO of Arcadia Group's Topman and Topshop brands, Paul Price, has resigned after two years at the helm.

just-style understands Price resigned for personal reasons and is to be succeeded on an interim basis by group CEO Ian Grabina working together with the senior leadership team.

A spokesperson for the Arcadia Group said Price would be leaving the business at the end of December but was unable to comment further.

Industry watchers have blamed the Topman and Topshop brands for Arcadia's fall from grace in recent times and urged a revamp of the "two-star players" to return the group to profitability. The company also operates high street clothing retailers Burton, Dorothy Perkins, Evans, Miss Selfridge and Wallis.

The retailer recently revealed it had swung to a GBP114.4m loss for the year to 1 September 2018, from a net profit of GBP144.8m a year earlier. Full-year turnover slipped 5.3% to GBP1.8bn, compared to GBP1.9bn the year before.

There has also been speculation in recent months that Arcadia is looking to separate the brands ahead of a break up of the group, but the company has denied such plans. 

In May Arcadia Group announced the closure of 23 stores as part of seven Company Voluntary Arrangements. It also launched a turnaround plan aimed at returning the business to growth after a sustained period of declining trading performance.