Business

Asos to buy Topshop, Topman and Miss Selfridge for £265m

Asos has signed a deal to buy Topshop and three other Arcadia brands for £265m.

The low-cost online fashion retailer confirmed the takeover of the Topshop, Topman, Miss Selfridge and HIIT brands from administrators after Sir Philip Green’s retail empire collapsed last year. 

Asos paid a further £65m for current and pre-ordered stock.

The web retailer, which had sales of more than £3bn last year, described the move as a “strategically compelling opportunity to acquire four strong, iconic fashion brands”.

Asos said it would fully integrate the brands – which it said would “resonate well with our core customer base” – into its online sales platform.

In a note to investors on Monday morning, Asos said it would take on around 300 employees as part of the deal, which will not include any of the brands’ stores.

“This transaction allows us to bring iconic brands in-house, allowing us to overlay our core strengths and transform them into leading digital-first brands,” the note said.

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The purchase of the Arcadia brands will also help Asos accelerate its US expansion, the note added.

Nick Beighton, Asos CEO, said: “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands.

“The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy.

“We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.”

✕Sir Philip Green’s Arcadia retail empire collapses into administration

Last week, Boohoo said it was in exclusive talks to buy the Dorothy Perkins, Wallis and Burton brands in a move which will also not include any stores.

Arcadia collapsed into insolvency at the start of December after pandemic closures further exacerbated the group’s financial troubles.

Source:

www.independent.co.uk

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