Arcadia Group, which owns brands such as Topshop, Topman, Miss Selfridge, Dorothy Perkins, Evans and Burton has appointed administration from Deloitte. The decline in Arcadia’s financial performance has long been attributed to the Group’s underinvestment in online selling and digital marketing, which became an even bigger issue across 2020 with fashion shopping moving almost entirely to virtual.
The collapse is reported to put 13,000 jobs in the UK at risk.
Although fast fashion is the second most polluting industry in the world after oil, it plays a huge role both in local and sourcing markets economies. Therefore, when fashion conglomerates the size of Arcadia go bankrupt, it affects not only thousands of livelihoods in the UK but also across the entire value chain, all the way to factory workers. Is there a more sustainable and systemic way of turning the highly unsustainable industry around?