- Topshop’s newly-arrived boss Paul Price has put a secret plan
- The former Burberry executive’s surprise shake-up is dubbed Project Reboot
- It is expected to send shockwaves through Topshop’s 300 stores
Topshop’s newly-arrived boss Paul Price has put a secret plan into action in a bold attempt to overhaul the entire chain.
Sources said the former Burberry executive’s surprise shake-up – dubbed Project Reboot – is being implemented immediately so it takes effect in plenty of time for Christmas.
It is expected to send shockwaves through Topshop’s 300 stores which are fighting back against tough competition from high street rivals. Sources said key staff have been working on the operation throughout the night.
Fashion makeover: Topshop’s suspender jeans could be for the chop (left) while the Merci T-shirt has been a top seller (right)
Some entire departments in larger shops will be axed and some discounted garments that have failed to sell will be ditched in one fell swoop.
In addition, stores will be reorganised to make them look more appealing and easier for shoppers to navigate. Price was parachuted in by owner Sir Philip Green and US investor Leonard Green & Partners just six weeks ago.
He has already visited dozens of stores and has been going through the Topshop and Topman fashion inventories with a fine-tooth comb to weed out items of stock which he considers to be a waste of valuable space.
An insider said last night: ‘He’s lost no time making decisions from the outset. The idea is to give the whole thing a kick. This is happening in scale and across the country between now and next weekend.’
Some entire departments in larger Topshop shops will be axed and some discounted garments that have failed to sell will be ditched in one fell swoop
Sir Philip Green told The Mail on Sunday: ‘It’s a bold move. He’s motivating everybody and he’s giving things a freshen-up. Paul already has a very good feel for the business.’
One retail veteran pointed out that the swift execution of the extensive revamp was strikingly different from the way other new bosses spend months on research before making any changes.
‘It’s a brave thing to do this close to Christmas,’ he said. ‘But it is a massive sign of confidence that Price knows what he wants to achieve and how he plans to do it.
It’s a bold move. He’s motivating everybody and he’s giving things a freshen-up. Paul already has a very good feel for the business
Sir Philip Green
‘This will galvanise the staff. It is a positive shockwave and a clear message to illustrate change is on its way.’
Some clothing ranges at Topshop have been heavily discounted to clear as quickly as possible. These include clear PVC panel mom jeans – denims with a see-through plastic panel at the knee – which were slashed in price from £49 to £10.
Clear plastic jeans have been cut from £55 to £10 and an embroidered stud corset belt has been reduced from £36 to £15. The chain’s MOTO suspender jean, described by one fashion blogger as ‘totally weird’ and priced at £85, could also come under review if it does not sell.
Meanwhile, other items have been selling remarkably well. The chain’s £15 ‘Gucci-inspired’ T-shirt with the words Merci Mon Cheri emblazoned across the front has been flying out of the store.
Sales at Topshop and Topman fell 2 per cent to £991 million in the year to August 2016, according to its most recent accounts. Profits fell 14 per cent to £93 million.
Price is hoping Project Reboot will reverse the slide that hit the chain in the run-up to Christmas last year when same-store sales dropped 11 per cent in the seven weeks to the beginning of January.