Sir Philip Green is a business tycoon, investor, and generally a self-made billionaire. He is the CEO of Arcadia Group, which is the third largest clothing retail group in Britain. Philip also owns 94% of British Homes Stores, which is the country’s 10th largest clothing retail chain. Cristina green, Philips wife, is a South African national and the owner of Arcadia Green.
Net Worth: $5 Billion (as of March 2013)
Source: Retail, Self-Made
Nationality: United Kingdom
Marital Status: Married
Sir Philip was born on March 15, 1952 in Croydon, London, the second child to a well-to-do family. His father was a successful property developer and retailer, who sadly died of a heart attack when Philip was only 12 years old. Young Philip inherited the family business and three years later he started working for a shoe importer. After having travelled to the Far East, Europe and in the US, he returned to Britain where he set up his first business that specialized in importing jeans to London from the Far East.
Hostile Takeover of Marks and Spencer
1999 was there year that Philip grabbed great public attention, when he helped his wife Cristina (or simply Tina) to make a hostile bid for Marks and Spencer amounting to £9 billion. However the bid was blocked by M&S forcing Philip to give up. He then assisted his wife in purchasing British Home Stores for £200 million. Green took over the company that was viewed as a failing brand and turned it around, tripling profits to over £600 million per year.
This company is one of UK’s most profitable companies, and currently has pre-tax profits of about £380 million per year. Sir Philip purchased the company at a price of $1.2 billion in 2002. Today, Arcadia Group is a highly successful business whose current sales top $4.2 billion. The company owns High Street chains such as Evans, Burton, Dorothy Perkins, Wallis, Topshop, Topman and Outfit. Etam UK chain is the current addition to the Arcadia Group chain and was bought at a price of £850 million. Philip briefly owned the company but sold it to Cristina within 24 hours, but he still acts as CEO to date.
Sir Philip’s charitable Works and Other Involvements
Sir Philip Green has spent more than £6 million towards education, a majority of which has been allocated to The Fashion Retail Academy. Another commendable donation that Sir Philip has made is in regard to the disappearance of Madeleine McCann that took place in Portugal in 2007. Philip made a donation of £250,000 as a monetary reward to whomever that may have helpful information of McCann’s whereabouts. On top of the donation, he provided his personal jet to the McCann’s to fly for a Papal visit in Rome. He now has intentions of increasing the reward money to £1 million.
After his wife’s mother died at the Royal Marsden Cancer Hospital in 2010, Philip donated $465,000 for new beds. In the same year, he spent over $150,000 for an Alexander McQueen dress for Relief charity event. He also made a donation of £100,000 to the Evening Standard Dispossessed Fund that was aimed at supporting the poorest people in London.
Sir Philip with wife and daughter
He is married to Cristina Green, and together they have two children Brandon and Chloe. The family lives in an apartment in Monaco.
There are a number of controversies surrounding this multi-billionaire. Philip has been accused of corporate tax avoidance. In 2010, campaigners took to the streets to protest against his tax dodging tactics. He has also been criticized heavily for taking excessive pay that he earns through his Arcadia’s shareholdings. He has also been criticized for overlooking the rights of workers in the country and those who are abroad.
"So far as I'm concerned we are in the risk business. We risk our reputation and our money when we buy things. We don't have a guarantee on the back; we can't get a refund when we haven't got it right”. – Sir Philip Green
Interesting Facts about Philip Green