London – In spite of a strenuous year on the UK high-street, Topshop’s fashion arm
in the US with Nordstrom has been booming over the past year, with 50
percent increase in retail sales as the imminent launch of
first collection edges closer.
Following the release of the
results of Sir Philip Green’s company Taveta Investments Ltd., the chairman
of Arcadia Group confirmed the upcoming release of the collaborative range
with artist Beyoncé, which is slated to launch end of March 2016. The
collection is currently in production and has been tried and tested by the
artist herself to ensure “it’s right.”
As previously, reported Sir Green and Beyoncé formed a 50/50 joint venture
company, known as Parkwood Topshop Athletic Ltd, to create a global
athletic streetwear brand which will be sold in approximately 25 countries.
The confirmation comes as Topshop/Topman continues to prosper within US
department store Nordstorm, with retail sales growing 50 percent
year-on-year in the 12 months to August 29, 2015. Sir Green revealed that
he predicts a similar 50 percent increase over the current fiscal year as
well. “It’s a whole new game for Topshop at Nordstrom,” he said to WWD.
“People know the brand, it’s become a destination, and there is a new
customer coming that likes new goods and a quick turn.”
Sir Green added that he also sees “significant future growth potential” for
their partnership with the US department store group and plans to expand
its current store space this financial year. Topshop is currently trading
through 94 shop-in-shop in Nordstorms and 84 Topman concessions in addition
to offering the collection online via Nordstorm.com.
The number of stand-alone stores in US has more than doubled over the past
year to include nine stores.
However, the chairman is also aware that there is still “loads to learn”
about the US market as the retail giant continues “to get educated” on the
different consumer habits per city.
Image credit: Topshop US