Topshop loses offer of Chinese stores in a big blow to the plans of global expansion of Sir Philip Green
- Topshop planned to open 80 stores with online retailer Shangpin
- However, no shops were opened and the deal was canceled
- The firm is interested in ending China, with a women's clothing industry valued at up to £ 101 billion
City and Finance Reporter for the Daily Mail
The agreement between the head of Topshop, Sir Philip Green and a Chinese partner has ended, in a major blow to their global plans.
Under an agreement with online retailer ShangPin, Topshop and Topman were sold online in China through ShangPin and planned to open 80 stores together.
However, no shops have been opened and the deal is canceled.
The agreement between the head of Topshop, Sir Philip Green and a Chinese partner has ended, in a blow to their global plans
It is believed that the Topshop bosses are considered to be looking for new partners.
They remain eager to end China, which has a woman's clothing industry valued at 101 billion pounds sterling, but it is a country where Topshop has no stores other than a concession in Beijing.
A spokesman for the company said in a statement: "British fashion brands Topshop and Topman and the partner of the Chinese franchise, ShangPin, have reached a mutual agreement for an early termination.
& # 39; Topshop, Topman & ShangPin have enjoyed a successful working relationship since September 2014.
"Topshop and Topman consider China a hugely important market for development.
"The company is currently exploring opportunities to further grow brands in China."