Daily Mail

Topshop to quit Chinese stores deal

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TOPSHOP boss Sir Philip Green’s deal with a Chinese partner has ended – in a major blow to his global plans.

Under a deal with online retailer ShangPin, Topshop and Topman were being sold online in China via ShangPin and they planned to open 80 stores together.

However, no stores have opened and the deal is off.

It is believed that Topshop bosses are understood to be looking for new partners.

They remain desperatel­y keen to crack China, which has a womenswear industry worth £101bn, but it is a country where Topshop has no stores other than a concession in Beijing.

A company spokesman said in a statement: ‘British fashion brands Topshop and Topman and Chinese franchise partner, ShangPin, have reached a mutual agreement to an early terminatio­n.

‘Topshop, Topman and ShangPin have enjoyed a successful working relationsh­ip since September 2014. Topshop and Topman consider China a hugely significan­t market for developmen­t.

‘The company is currently exploring opportunit­ies to further grow the brands in China.’

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