Paul Price has resigned as chief executive of Topshop and Topman.

A spokesman from parent company Arcadia Group confirmed: “After two years as Topshop Topman CEO, Paul Price has made the decision to re-locate back to the USA and will be leaving the business at the end of December 2019.”

It is not clear if or when a search will commence for a replacement, but Retail System understands that Arcadia chief executive Ian Grabiner will temporarily assume Price’s responsibilities.

Price joined Topshop in September 2017, after former managing director Mary Homer stepped down in March that year, following 11 at the helm. Prior to his appointment, Price was with Burberry for a decade, latterly as chief merchandising officer.

His resignation comes as Arcadia undergoes a period of change, with several new senior appointments and a major restructuring scheme underway.

In September, losses at Topshop and Topman deepened to £505 million, with sales down nine per cent to £847 million, while Philip Green’s Arcadia retail empire reported a loss of £177.3 million.

The same month, interim chairman Jamie Drummond Smith resigned after creditors approved seven Company Voluntary Arrangements (CVAs) aimed at shoring up the financial future of its stable of High Street brands, including Dorothy Perkins, Wallis, Miss Selfridge and Burton.

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