Topshop hires new chief from Burberry

Sir Philip Green has appointed a new chief executive at Topshop as part of efforts to arrest falling sales and profits at his retail empire.

The tycoon has drafted in Paul Price, currently chief merchandising officer at Burberry, following a difficult period for his Arcadia group, which also houses the likes of Miss Selfridge, Dorothy Perkins and Burton.

Operating profit at Taveta Investments, which owns Arcadia, fell 16.5 per cent to £211.2 million last year as the group flagged “major change” in the retail sector, adding that clothing has become a “less important part of the household budget”.

Price will spearhead the chain’s global expansion.