British apparel group Arcadia has terminated its contract with Chinese franchisee Shangpin to represent its Topshop brand in the PRC.
Arcadia chairman Sir Philip Green had announced plans to open 80 stores in the region with the Chinese franchise partner in 2016 said that it signalled “the start of a unique, exciting and exclusive partnership that will cement Topshop and Topman’s mission of becoming truly global businesses”.
None of the planned stores eventually opened.
A spokesperson for the brand said “Topshop, Topman and Chinese franchise partner Shangpin have reached a mutual agreement to an early termination,” but the UK company nonetheless considered China a “hugely significant market for development”.
The company said it continues to seek opportunities to grow Arcadia’s brands in China.