Topshop's Owner Gone into Administration - What does that say about Sustainable Fashion?
by Natalie Wong on Dec 08, 2020
Joining the ranks of foreign brands exiting Hong Kong during the pandemic-induced economic meltdown, British high street giant, Arcadia Group -- the owner of high street brands such as Topshop, Burton and Dorothy Perkins, has closed down its last Topshop in Hong Kong some months ago. Last week, the group went into administration, putting thousands of jobs at risk and leaving shopworkers' worried about their pension funds. Fashion sustainability advocates have rejoiced and labelled this as the "beginning of the end" for fast fashion industry, but the reality of the increased online sales of fast fashion groups like H&M and Boohoo paints a very different picture. So what is the future of the fast fashion industry? Is this actually the "beginning of the end" or is this the flip-side of the greenwashing coin and if so how do we overcome greenwashing?
After "severely impacted" sales across the group, which owns brand names such as Topshop, Topman, Dorothy Perkins, Burton, Evans, Miss Selfridge, Outfit and Wallis, the High Street fashion group has hired administrators from Deloitte to help give breathing space from creditors as it seeks buyers for all or parts of the company. This move has resulted in the halving of the group's £800 million value.View this post on Instagram