Green in 2007
Philip Nigel Ross Green
15 March 1952
|Net worth||US$4.9 billion (2018)|
Sir Philip Nigel Ross Green (born 15 March 1952) is a British billionaire businessman, and the chairman of Arcadia Group, a retail company that includes Topshop, Topman, Wallis, Evans, Burton, Miss Selfridge, Dorothy Perkins and Outfit. The defunct BHS chain was also part of the group.
Arcadia Group Ltd. is a British multinational retailing company headquartered in London, United Kingdom. It owns the high street clothing retailers Burton, Dorothy Perkins, Evans, Miss Selfridge, Topman, Topshop, Wallis and the out of town chain Outfit, which sells lines from the other group chains. The group has more than 2,500 outlets in the UK, concessions in UK department stores such as Debenhams, Selfridges, as well as several hundred franchises in other countries.
Topshop is a British multinational fashion retailer of clothing, shoes, make-up and accessories. It has around 500 shops worldwide – of which some 300 are in the UK – plus online operations in a number of its markets. Its current CEO is Ian Grabiner, and it is part of the Arcadia Group, which is controlled by Sir Philip Green.
Topman is a British multinational men's fashion retailer. Along with its women's clothing counterpart Topshop, Topman is a subsidiary of the Arcadia Group, which also owns Burton, Miss Selfridge, Wallis, Evans and Dorothy Perkins. Topman has a chain of high-street men's clothing stores located throughout the United Kingdom and has a presence on just almost every UK High Street, and in Ireland main street outlets in six cities and towns. Topman stores almost always share their premises with Topshop. Topman was created in the UK towards the end of the 1970s to provide a new approach to menswear retailing. Since its creation, Topman has also built an international presence, as it continues to expand throughout the US, Europe, and Asia. The chain occupies two entire floors at the ‘world’s largest fashion shop’, in Oxford Circus, London.
Green has been involved in a number of controversies during his career, including his actions prior to the demise of BHS.In October 2016, the House of Commons approved a measure to ask the Honours Forfeiture Committee to strip Green of his knighthood for his role in the downfall of BHS. This decision was not legally binding and his knighthood was not revoked, although there were later calls to revoke it if allegations of sexual harassment, bullying and racism revealed in October 2018 are proved.
The House of Commons, officially the Honourable the Commons of the United Kingdom of Great Britain and Northern Ireland in Parliament assembled, is the lower house of the Parliament of the United Kingdom. Like the upper house, the House of Lords, it meets in the Palace of Westminster. Owing to shortage of space, its office accommodation extends into Portcullis House.
The Honours Forfeiture Committee is an ad hoc committee convened under the United Kingdom Cabinet Office, which considers cases referred to the Prime Minister of the United Kingdom where an individual's actions subsequent to their being awarded a British honour raises the question of whether they should be allowed to continue to be a holder. Recommendations are made to the Monarch of the United Kingdom, who has the sole authority to rescind an honour.
Green was born on 15 March 1952 in Croydon, Surrey,into a middle-class Jewish family. He is the son of a successful property developer and retailer, and has a sister, Elizabeth, five years his senior. His family moved to Hampstead Garden Suburb, a middle-class area of north London, and at the age of nine he was sent to the now-closed Jewish boarding school Carmel College in Oxfordshire.
Croydon is a metropolitan district and a large town in south London, England, 9.4 miles (15.1 km) south of Charing Cross. The principal settlement in the London Borough of Croydon, it is one of the largest commercial districts outside Central London, with an extensive shopping district and night-time economy.
Surrey is a county in South East England which borders Kent to the east, West Sussex to the south, Hampshire to the west, Berkshire to the northwest, and Greater London to the northeast.
Hampstead Garden Suburb is an affluent elevated suburb north of Hampstead, west of Highgate and east of Golders Green. It is known for its intellectual, liberal, artistic, musical and literary associations. It is an example of early twentieth-century domestic architecture and town planning in the London Borough of Barnet in northwest London. The master plan was prepared by Barry Parker and Sir Raymond Unwin. Comprising just over 5,000 properties, and home to around 13,000 people, undivided houses of high value with individual gardens are a key feature. The area is dotted with landscaped garden squares or communal parks.
When Green was twelve, his father died of a heart attack, and he inherited the family business. After leaving boarding school at 15, Green worked for a shoe importer before travelling to the US, Europe and the Far East. On his return, aged 21, he set up his first business, importing jeans from the Far East to sell on to London retailers. The business was assisted with a £20,000 loan (equivalent to £216,000 in 2014) backed by his family.
In 1979, Green bought up, at low prices, the entire stock of ten designer-label clothes retailers that had gone into receivership. He then had the newly bought clothes dry cleaned, put on hangers, and wrapped in polythene to make them look new, and bought a shop from which to sell them to the public.
In 1988, he became chairman and Chief Executive of a quoted company called Amber Day, a discount retailer. The shares performed well, but then suffered a series of profit downgrades and in 1992 he resigned when the company failed to meet its profit forecast.
Next, Green assisted his wife Tina Green in the purchase of the Arcadia Group, which owns High Street chains such as Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit, Topshop/Topman and Wallis in 2002. The company was briefly owned by Green but sold to Tina Greenwithin 24 hours, with Philip acting as CEO.
In April 1980, Green registered a philanthropic initiative, the Kahn Charitable Trust, with a vision of "putting lost smiles back on the faces of less privileged persons across the globe."
Green is a supporter of the Fashion Retail Academyand the industry charity Retail Trust. Green was made a Knight Bachelor in the 2006 Queen's Birthday Honours "For services to the Retail Industry".
In May 2007, after the disappearance of Madeleine McCann in Portugal, Green donated £250,000 as a monetary reward for any useful public information.He also gave the McCanns the use of his private jet to allow them to fly to Rome for a Papal visit.
In 2010, Green donated $465,000 for new beds at the Royal Marsden Cancer Hospital, after his wife Tina's mother died there. He also spent more than $150,000 for an Alexander McQueen dress at Naomi Campbell's Fashion for Relief charity event.In the same year, Green donated £100,000 to the Evening Standard's Dispossessed Fund which aims to support London's poorest people.
He was reportedly the BBC's first choice to front the UK franchise of The Apprentice; however, at that time in 2004, he was too busy with Arcadia's attempted takeover of Marks & Spencer.
Two weeks prior to the 2010 general election, Green came out in support of David Cameron, George Osborne and the Conservative Party, stating that Cameron and Osborne "understand what needs to be done. They get it."
In August 2010, Green was asked by Cameron, then recently elected as Prime Minister, to carry out a review of UK government spending and procurement.Green's summary report, Efficiency Review by Sir Philip Green, published in October 2010, alleged significant failings in government procurement processes. The government published the review identifying its main finding as "the Government is failing to leverage both its credit rating and its scale". Cameron welcomes the report, saying ""I think it's a good report, it will save a lot of money and it's important we do it."
Green is based during the week at a London hotel, spending the weekends with his wife and their children, Chloe and Brandon, in an apartment in Monaco. million on the three-day event on the French Riviera, inviting over 200 friends and family and hiring Andrea Bocelli and Destiny's Child to perform. For his nephew, Matt, Green held a bar mitzvah at Madame Tussauds; guests included Simon Cowell and Louis Walsh, and One Direction performed. Matt and Chloe shared a birthday party in December 2011. Held at One Mayfair, the event cost over £1 million and performers included Rihanna. For his 50th birthday, Green flew 200 guests in a chartered Airbus A300 to a hotel in Cyprus for a three-day toga party, where they were serenaded by Tom Jones and Rod Stewart, who was reportedly paid £750,000 for a 45-minute set. For his 55th birthday, Green flew 100 guests 8,500 miles in two private jets to The Four Seasons: Landaagiraavaru, an eco-spa on a private island in the Maldives.Brandon celebrated his bar mitzvah in 2005. Green spent £4
Green owns a £100 million, 90 m (300 ft) Benetti Lionheart yacht and a £20 million Gulfstream G550 private jet. For a birthday, his wife bought him a solid gold Monopoly set, featuring his own acquisitions.
Green is inspired by Sir Charles Clore, who built the Sears plc UK retail empire from scratch in the 1950s and 1960s.
Green's daughter Chloe had a son with model Jeremy Meeks in 2018.
Green is a big Tottenham Hotspur supporter.In 1987 he suggested to Irving Scholar, the Spurs chairman, that Tony Berry be appointed to the board. In 1991, he helped Terry Venables raise the last £500,000 needed to purchase shares in the club. He was also involved in the transfers of Rio Ferdinand from Leeds United and Louis Saha from Fulham to Manchester United.
Green is involved with Everton Football Club due to his friendship with chairman Bill Kenwright, but states that has no intention of formally investing in the club.He arranged for another friend, Planet Hollywood's owner Robert Earl, to purchase shares from former director Paul Gregg during a struggle for control of Everton in 2004. He offers business advice to the club alongside Tesco CEO Terry Leahy and helps negotiate player transfer fees with agents.
Green became the target of activist group UK Uncut in November 2010 for alleged corporate tax avoidance. The group targeted Green specifically as a government advisor.
Taveta Investments, acquired by Arcadia in 2002, is registered in the name of Green's wife. billion in 2005, it was paid for by a loan taken out by Arcadia, cutting Arcadia's corporation tax as interest charges on the loan were offset against profits.As a Monaco resident, the company faces a significantly lower tax liability than if she were a UK resident. When Green paid his family £1.2
Arcadia has been criticised for the pay and conditions of both overseas and UK workers by anti-sweatshop groups such as Labour Behind the Label, No Sweat and the student activist network People & Planet.Green denied allegations in The Sunday Times made during 2007 that his firm used overseas sweatshops where workers in Mauritius were paid pitiful wages.
In 2010, Green was again accused of using sweatshops, this time by Channel 4's Dispatches programme. It was asserted that he was using factories in Britain in which workers were paid less than half the legal minimum wage.
When The Guardian newspaper investigated a proposed takeover of Safeway in 2003, Green responded to queries about Arcadia's accounts by insulting and swearing at the journalists, asking them "Is this the Beano or the Guardian?".
Of the The Guardian's financial editor, Paul Murphy. Green said: "He can't read English. Mind you, he is a fucking Irishman." Green issued an apology to the Irish later, to prevent a customer boycott, according to the Guardian.
Green bought BHS for £200m in 2000, but the firm performed poorly so he sold it for just £1 in 2015. By April 2016 BHS had debts of £1.3bn, including a pensions deficit of £571m.Despite the deficit of £571m, Green and his family collected £586m in dividends, rental payments and interest on loans during their 15-year ownership of the retailer. Referring to the conduct of Green, Angela Eagle, the shadow business secretary, said: "In this situation it appears this owner extracted hundreds of millions of pounds from the business and walked away to his favourite tax haven, leaving the Pension Protection Scheme to pick up the bill." Simon Walker, the Director General of the Institute of Directors, described Green's "lamentable failure of behaviour" which was deeply damaging to the reputation of business. He then added that he had moral responsibilities to the pension fund and a proper investigation was needed but not one that took years. It took months for the negotiation to be settled down, it ended with Green agreeing to a voluntary settlement of £363m into the scheme.
Ahead of a joint Business and Work and Pensions Select Committee meeting, Green called the inquiry biased, and stated that he "therefore required [its chair, Frank Field] to resign". Field pointed out that the size of the pensions deficit is a fact, not a matter of opinion, and that Parliament and not Green decides who chairs Committees.
In 2016, the House of Commons approved a motion asking the Honours Forfeiture Committee to recommend Green's knighthood be "cancelled and annulled". 100 MPs voted in favour of the motion, the first time MPs have proposed someone be stripped of a knighthood.The vote was not binding on the government. Following his paying £363m into the BHS pension scheme in 2017, and a decision in 2018 not to ban him from being a company director, it appeared that he would not be stripped of his knighthood.
In October 2018, The Daily Telegraph reported that "a leading businessman has been granted an injunction against The Telegraph to prevent this newspaper revealing alleged sexual harassment and racial abuse of staff".The following day, in the House of Lords, Labour peer Peter Hain exercised parliamentary privilege to name Green as the subject of the allegations. The Telegraph said that the allegations would "reignite the #MeToo movement against the mistreatment of women, minorities and others by powerful employers. Opposition MPs, including Labour MPs Frank Field and Jess Phillips, and Liberal Democrat leader Vince Cable, called for a revocation of Green's knighthood.
In May 2019, Green was charged with four counts of misdemeanor assault in the US after an Arizona Pilates teacher accused him of frequently touching her inappropriately.
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