Asos Buys Topshop, Topman And Miss Selfridge In £265 Million Deal
Online retailer Asos has taken over fashion brands Topshop, Topman, Miss Selfridge and HIIT in a massive £265 million deal.
The move comes after Sir Philip Green’s Arcadia Group, which owned the brands, fell into administration in November last year.
Asos, which sells clothes, shoes and accessories online, acquired the stock through a £30 million deal and the popular high street brands with a further £265 million, though it is not taking on the physical stores.
Asos shared the news on Twitter, writing, ‘The rumours are true… @Topshop & @Topman are now part of the ASOS family.’
In a statement cited by the BBC, Asos Chief Executive Nick Beighton described the acquisition of these ‘iconic British brands’ as a ‘hugely exciting moment for Asos and our customers’, adding that it would ‘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.
The deal has been further confirmed by administrators for Arcadia, who said that about 300 people currently employed in design, buying and retail partnerships by Topshop, Topman, Miss Selfridge and HIIT brands would transfer to Asos.
Asos said it saw a ‘significant opportunity’ to drive further growth for the ‘strong consumer-facing brands’, adding that they would benefit from ‘investment into customer engagement and brand positioning in line with our existing model’.
The deal is expected to be complete on February 4.
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