Philip Green Loses Battle to Retail of 21st Century
One of the British tycoon’s biggest mistakes was to dismiss the internet when rivals saw it as the future of shopping.
Philip Green
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Just over a decade ago, Philip Green was reveling in his global ambition. Opening his first Topshop store in New York in 2009 with glittering events attended by supermodel Kate Moss, rapper Jay Z and Blondie star Debbie Harry, shoppers lined up around the block.
What’s now clear is that the decline of the British retail tycoon’s empire was already in motion even then. As rivals embraced online sales, Green remained skeptical about the power of the internet. Now with the coronavirus pandemic, Green’s Arcadia Group has finally succumbed to its underinvestment in e-commerce and overreliance on stores.