As Philip Green credits Kate Moss with record profits, we reveal the model's latest Topshop collection
Just days before the latest Kate Moss Topshop collection hits stores, Arcadia owner Sir Philip Green has credited the supermodel with the store's record profits, announced today.
Praising Moss as a 'fantastic ambassador', the retail entrepreneur revealed that Topshop, Topman and Miss Selfridge are defying the credit crunch with soaring sales.
He insists the 'Kate effect' is just one reason for Topshop's growth. 'We have been good for her and she has been good for us,' he said of the supermodel, who fronts and designs the Kate Moss Topshop collection.
The latest installment of the Topshop Kate Moss range will hit stores on 28 October. The collection of eveningwear yet again takes inspiration from the supermodel's own wardrobe.
A highlight of the collection is a full-length gown of midnight-blue sequins, inspired by the vintage dress Kate wore to her 30th birthday.
She revealed in a recent interview that the original garment was worn by Britt Ekland to the premiere of The Man With the Golden Gun.
Only 10 have been made of the £400 'tribute', which is perhaps a bit beyond the budget of Topshop's usual customer. A mini version has also been created for a (slightly) more pocket-friendly £130.
The vintage-inspired collection also features sequin-embellished T-shirts (£35), and drop-waist 1920s-style dresses (£80-£100), as well as a burgundy ruffled minidress (£120) and a gold, single-shouldered, floor-skimming gown (£120).
The stores' success is also attributed to the fact that its young consumers are relatively free of financial responsibility, unburdened by mortgages, and so less affected by the financial crisis.
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Kate Moss Topshop Christmas collection, launching on 28th October: Long sequin dress, £400; ruffled minidress, £120; gold one-shoulder gown, £120
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Vintage-inspired: The kate Moss Christmas collection will feature this scallop-edged camisole, £120, and sequinned T-shirts, centre, £100 and right, £35
But other brands in his Arcadia empire such as Dorothy Perkins and Burton are feeling the pinch.
'The younger market is going to do better in this sort of environment,' he said. 'The middle market is tough.'
Group sales slipped slightly to £1.84 billion in the year to the end of August, with profits down six per cent at £275 million. Sir Philip, one of Britain's richest men with a fortune of about £4 billion, is not paying himself a dividend this year from Arcadia's profits.
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Dresses to impress: printed dress, £60; snake spot dress, £60; satin dress, £85
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Kate Moss' Christmas party dresses: Teal prom dress, £65; grey sequin skirt dress, £120; drop-waist dress, £80
Topshop has opened a flagship store in New York despite the economic downturn. Sir Philip admits that times are tough, but he insists skilled retailers will still thrive.
'We are having to work harder than ever,' he said, blaming 'unseasonal conditions' for making it difficult to stock stores appropriately.
Success: Kate models two of the outfits from her summer collection for Topshop
'Two weekends ago it was 22 degrees, no one was shopping for a winter coat then,' he added.
Sir Philip is looking to snap up stakes held by Icelandic group Baugur in UK retailers such as Moss Bros, Woolworths and French Connection.
This £1 billion deal seems to be on hold while Iceland works through its banking crisis though Sir Philip remains keen. Sir Philip already controls a tenth of the UK clothes market and would like to expand while rivals are struggling.
In 2004, he saw a bid for Marks & Spencer refused by the board, although rumours that he would like to bid again circulate the City regularly.
Arcadia has paid off £76 million of debt in the year, but still owes banks £695 million. Britain's-high streets have been feeling the effects of the oncoming recession all year with department store Debenhams among the worst affected.
Reporting a 16 per cent slump in profits over the last year to £110 million and a 4.2 per cent crash in like for like sales over the last six weeks, chief executive Rob Templeman admitted he had 'never seen trading like this before'.
'It is very volatile,' he said. 'It is very difficult to predict where we are from one week to another.'
Topshop, Kensington, London: Sir Philip admits times are tough but has opened a Topshop flagship in New York despite the economic downturn
While spending on homewares and household goods and then spending on menswear were the first to suffer, Mr Templeman said lipsticks, eyeliners and nail gloss were still shifting. 'Health and beauty is staying resilient,' he said. 'Childrenswear too has remained strong.'
Mr Templeman predicted Christmas sales will be skewed to electronics and gift food.
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