Retailers slip down The Sunday Times Rich List

Beleaguered Arcadia Group owner Sir Philip Green in particular suffered a bad year as his fashion empire battled a large pension deficit and an unwieldy store estate, while Sports Direct owner Mike Ashley also slipped down the list.

The newspaper said Green had been “the worst casualty on the high street” in the last year, and “with sinking sales in its stores and a sizeable pension deficit” it declared his Arcadia fashion empire to be “practically worthless”.

The newspaper also “stripped” Green of his status, valuing his personal wealth at £950m, placing him and his wife at 156th on the list. 

The devaluation comes after a year which saw Green personally face a number of allegations, which he denies, of racism, sexual harassment and bullying.

Green’s Arcadia Group is currently exploring the use of a company voluntary arrangement to slash rents and close around 25 stores in the UK. 

Mike Ashley’s personal fortune fell over the past year, down £461m to less than £2bn.

The high street downturn also saw Superdry co-founder James Holder fall out of the Rich List entirely, after shares in the fashion brand fell by 70% in the past year.

The London-based sons of Ikea founder Ingvar Kamprad, Jonas and Mathias, had their personal combined fortune fall by 34% to £1.7bn.

However, there were some high points for retailers in the list. The newspaper highlighted the success of Boohoo co-founders Kelly Choi and Carol Kane, who both had “strong years”, and Dame Margaret Barbour, who presided over record profits in the past year at her titular retailer.