Paul Price will take over as Topshop CEO in September

Paul Price will take over as Topshop CEO in September

Ex-Burberry chief merchandising officer Paul Price has been appointed CEO for Topshop and Topman.

Arcadia Group, which owns brands including Topshop, Topman and Miss Selfridge, said Price will take the helm on 4 September. He succeeds Mary Homer who left in March to join The White Company.

Former Topshop head Homer joins The White Company.

In the past Price has held roles with Lucky Brand Jeans, William Sonoma and Banana Republic.

Chairman of the Arcadia Group, Sir Philip Green, says:  "I believe Paul will be a great catalyst in leading the next phase of Topshop/Topman's global expansion."

Baroness Karren Brady, who was appointed chairman of Taveta Investments – the holding company for Topshop, Dorothy Perkins and Burton – earlier this week, adds: "I am delighted that Paul will be joining the team and I am very much looking forward to a new and exciting period for Topshop/Topman."

Arcadia saw its profits slump last year on the back of falling sales at its high street stores and the collapse of the BHS chain, which cost Sir Philip Green's retail empire GBP26.4m.

Accounts show operating profit at Taveta Investments fell from GBP252.9m (US$326.9m) to GBP211.2m in the year ended 27 August. Pre-tax profit fell to GBP36.7m, against GBP172.2m in 2015. 

Total sales, meanwhile, dropped to GBP2.02bn in the 12 month period, from GBP2.07bn a year earlier; while total UK sales, which include the Topshop chain, fell by 22% to GBP1.73bn. Group revenues for the year, however, rose in Europe, the US and other overseas markets, helping to offset the declines on the UK high street.

Arcadia earnings slump on falling high street sales