Ikea has agreed to buy the iconic former flagship store of British fashion chain Topshop in London's Oxford Circus from the administrators of bankrupt owner Arcadia Group, part of its push to open inner-city outlets.
The number of fashion-focused shops on premier shopping thoroughfare Oxford Street looks like falling even further with news that IKEA is likely to take over the former Topshop flagship, in a key Oxford Circus position.
In a month that's shaping up to be huge as far as luxury deals are concerned, the latest news is that LVMH is boosting its stake in Off-White. Virgil Abloh's streetwear label will now be 60% owned by the French giant.
A French court on Tuesday ordered Ikea to pay a 1 million euro fine in a spy case involving its employees, as the world's biggest furniture retailer was found guilty of storing employee data it obtained improperly.