The boss of troubled Topshop and Topman is to leave his post at the end of the year for “personal reasons”, it has been announced.

Sir Philip Green, who heads the Arcadia Group fashion empire that includes the two high street brands, has said the departure of Paul Price is “completely amicable” and is nothing to do with their performance.

Mr Price, who joined Topshop in September 2017 after a decade working at luxury fashion house Burberry, is said to be moving back to America.

attends Topshop's London Fashion Week show on September 17, 2017 in London, England.
Image: Sir Philip Green (centre) says Mr Price (end right) is leaving the business for ‘private, personal reasons’

The announcement follows a turbulent period for Arcadia, that has undergone a major overhaul to stave off collapse, including store closures and job losses.

Last month, Arcadia announced the appointment of hotel veteran Andrew Coppel as chairman to help tackle the retail group’s turnaround ahead of the critical Christmas trading period.

Sir Philip said: “He is leaving but hasn’t left yet. Apart from that, it is business as usual.

“He is leaving for private, personal reasons to return to America – it is all completely amicable.”

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In a statement, Arcadia said: “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 understood that Arcadia chief executive Ian Grabiner will lead operations across the two brands following Mr Price’s departure.