Arcadia has a new chief executive following the decision by Sir Philip Green to step back from the role and appoint long-standing executive Ian Grabiner as his replacement.
Grabiner has worked with Green for many years at a number of his companies and now takes over the day-to-day running of the Arcadia business that includes Topshop, Topman and the Bhs department store chain.
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Green denies that the move will take him away from his retail operations and instead see him focusing more on the entertainment venture he recently set up with Simon Cowell. Trading at Arcadia in the first seven weeks of the new financial year is ahead of last year by 2.8 per cent on a like-for-like basis, although figures for Bhs have not been disclosed.