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Topshop in administration as Uniqlo continues expansion

 

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Fast fashion retailers Topshop and Topman Australia have been placed in voluntary administration as the company considers its ‘optimal operating structure’.

The news comes six years after the high street chains launched into the Australian market, franchised by Austradia.

Topshop/Topman Australia has annual sales of approximately $90 million and employs 760 people.

Ferrier Hodgson partners James Stewart, Jim Sarantinos, and Ryan Eagle have been appointed voluntary administrators by Austradia’s board of directors, and Stewart said it will be business as usual as the administrators work with Arcadia Group, the UK owners of the Topshop/Topman brand, on supporting the business.

“Topshop/Topman is one of the world’s best known fashion retailers operating nine standalone stores, 17 Myer concessions and an online business in Australia,” he said.

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Employees will continue to be paid by administrators and gift cards and product returns will continue as normal.

Meanwhile, Japanese high street retailer Uniqlo shows no sign of slowing down in the Australian market, announcing plans to open its 13th Australian store later this year.

Located in Brisbane’s northern suburbs, the Westfield Chermside store will be the retailer’s fourth location in Queensland and is expected to create more than 50 jobs for residents in the local community.

In a statement, Uniqlo said it was committed to growing Australia as a key market in the Asia-Pacific region through a unique shopping experience and excellent customer service.

“Since opening our first store in Queensland in 2015, we’ve received a very positive response from local shoppers…,” said Uniqlo Australia CEO Kenji Tsuji.

“It made sense to continue to expand our presence in the region, and we are thrilled to be able to make the Uniqlo brand more accessible for shoppers across Queensland.”

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