‘Stores are back … people want the experience of going shopping’

Private equity and fashion rarely mix, according to Touker Suleyman, the fashion retail entrepreneur and Dragons’ Den investor.

“The demise of Debenhams and House of Fraser — even Austin Reed — was mostly down to financial mismanagement; they were being run by accountants … and they know nothing about fashion.”

As a former bean counter himself, however, the British-Turkish Cypriot considers himself an exception. Having seen first-hand the strong balance sheets from fashion clients, the chartered accountant switched to the rag trade in the 1980s, going on to acquire struggling British brands including Ghost and the menswear and womensear label Hawes & Curtis.

Bought for £1 in 2002, and now turning over £50 million, Hawes & Curtis was originally one shop in Jermyn Street in