Topshop is reportedly set to return to Oxford Street five years after closing its flagship store. The iconic fashion retailer shut its Oxford Street site in January 2021 after its parent company Arcadia Group collapsed into administration in November 2020.
Topshop's Comeback Plans
Topshop was later snapped up by ASOS, alongside Miss Selfridge, for a combined price of £330 million, but the deal did not include stores. However, in a new update, it has been reported that Topshop is planning to open its first standalone store on Oxford Street within the next 12 months, according to Drapers.
Topshop officially returned to Oxford Street in London last year with a launch in department store Liberty, but this will be the first time it has opened a standalone store in the famous London shopping district. The fashion brand is also now available in all John Lewis’s 32 department stores, with Topman available in seven stores, as well as on the John Lewis website.
Managing Director's Vision
Topshop managing director Michelle Wilson previously said of Topshop: “The conversations we’ve had with customers around the relaunch is that people are desperate to see Topshop back in stores.” Topshop once had 300 stores in the UK.
ASOS sold a 75% stake in Topshop and Topman in September 2024 for around £135 million to create a joint venture with Heartland, the holding company of Danish billionaire Anders Holch Povlsen. It was later confirmed that the Topshop.com and Topman.com websites were being relaunched.
Speaking to Drapers at the time about future plans for physical stores, Ms Wilson said: “That’s something that we’re working on all the time.”
Other Retail Returns
Topshop isn't the only brand preparing a high street return. Russell & Bromley has reopened its store in Richmond after being rescued from administration. The luxury shoe chain was bought out of administration by Next, who paid £2.5 million for its brand and intellectual property, and a further £1.3 million for a portion of its current stock.
The deal only included three Russell & Bromley stores - in Chelsea, Mayfair and Bluewater in Kent - resulting in its remaining 33 branches being closed down. Russell & Bromley was founded in 1880 by George Bromley and Elizabeth Russell in Eastbourne. It currently employs more than 450 people and is now run by Andrew Bromley.
Next has also bought brands such as Cath Kidston, Joules and Seraphine and Made.com in recent years.
