Philip Green: UK’s Retail Baron
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Code : LDS0004
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Introduction: In 2000, PhilipGreen (Green), earned the fastest £1 billion in the corporate history ofUK. By 2003, according to Sunday Times Rich List, with personal wealth of £3.6 billion, he was the fourth richest person3 in UK. He made his fortune by acquiring the fashion chain British Home Stores (Bhs), fromStorehouse Group for £200million in 2000.At that time, Bhswas struggling, earning only £61 million on £1 billion in sales.4 However, in just 18 months, under Green’s stewardship, Bhs profits reached over £100 million, the best result in the retail chains’ 74-year history. Analysts credited the transformation of Bhs to one factor – Green’s passion. “I love what I do. You have to have the passion. The day you don’t is the day you sell up and get out. I tried to give it up for three months but I couldn’t. I thought it was better to go back to work rather than get done for murder,”5 said Green. He cemented his reputation as one of UK’s most successful businessmen, by using the same trick with another struggling fashion chain,Arcadia group, which he bought for £850 million in 2002. “Philip Green has theMidas touchwhen it comes to retailing and his record at Arcadia and Bhs shows that he understands what customers want,”6 said Henk Potts of Barclays Stockbrokers. Green’s business success was achieved despite the fact that he had no prior business training and was regarded as a maverick in the industry. Portrayed as a ruthless negotiator and nick-named as ‘Canon the Barbarian’7 by the financial press and as an ‘uncouth, wildman’by one leading banker,Greenwas not the retail industry’s favourite character. But even his critics acknowledge his business skills.Within 20 years, Green built UK’s largest privately-owned retail group and accumulated adequate debt free assets that placed him among the top business leaders in the UK. |
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