15:57 05 December 2012
Sir Philip Green is in talks with the USA over a 25per cent stake in the popular shop Topshop and Topman. If a deal is sealed, which could happen this week if it is to go ahead, it could bring the retail entrepreneur a net of £250million.
It is understood Sir Philip is in talks with America’s Leonard Green & Partners (LGP), with Topshop already being present in the US in New York, Chicago and Las Vegas.
LGP part own the American chain J Crew, who offer a clothing range and who are liked by Michelle Obama, according to reports.
As a popular British fashion store, Topshop and Topman have had its clothing range connected with the likes of Kate Moss.
Sir Philip’s suspected bid to crack America is something which many big companies try to achieve. Reportedly, supermarket giant Tesco’s have also tried to make firm tracks in the US with an area of their business.
With regards to success, America seems to be a bench mark to set against. For instance, it’s not just the finance world that has people looking to crack the US, as pop-stars claim huge success when they dominate their musical wares in America.
The Topshop and Topman business has over 600 outlets in almost 40 countries.
LGP was founded over two decades ago and remains one of the largest private equity houses in LA, America.
Sir Philip also has Dorothy Perkins and Miss Selfridge as part of his empire. In 2004 he made a bid to add Marks & Spencer to his list but was unsuccessful.
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