By Daily Mail Reporter PUBLISHED: 00:44 EST, 5 December 2012 | UPDATED: 05:22 EST, 5 December 2012 The owner of British fashion chain Topshop is reportedly in talks to sell a quarter of his stake to the private equity firm that also backs J Crew. Topshop owner Sir Phillip Green is thought to be looking to sell such a large portion of the company so that he can raise more than $400million. That money will then go towards expanding the already-growing Topshop empire and opening more stores in America and venturing into China. Selling: Sir Phillip Green is thought to be selling a quarter of his stake in the £1billion Topshop empire
@highlight
Sir Philip Green is said to be in talks with one of the joint owners of American clothing brand J Crew
@highlight
Retail tycoon is in talks to sell a 25 per cent stake in his Topshop and Topman empire in order to fund the opening of more stores
British
@placeholder retailers are mostly struggling as consumers hold back spending in the face of job insecurity, rising prices, subdued wage growth and government austerity measures.
America
American
The landmark deal would provide him with partners who know the @placeholder retail market and could help with any expansion plans.