Fashionably Late


NO DUMMY: Green is thinking about extending Topshop's brand into new areas, from confectionery to luggage

With its dark furniture, high-tech gadgets and model jet plane, Philip Green's London office feels a lot like the work area of an investment banker or hedge fund manager. On the wall behind his enormous desk, there's even a photograph of Wall Street antihero Gordon Gekko. But on this May morning, a daytime-TV segment flickering on his sleek, flat-screened television betrays his role as a master of an entirely different universe: women's fashion.

Green, the billionaire owner of the Arcadia Group, which controls a clutch of U.K. clothing chains like Miss Selfridge and Wallis, is watching...

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