NEWS
01/02/2021 09:00 GMT

Asos Buys Topshop, Topman, And Miss Selfridge - But Not The Stores

It will take on 300 staff as part of the deal with the Arcadia group, which employed 13,000 staff when it entered administration.

Asos has confirmed it has sealed the takeover of Topshop and three other brands from the collapse of the Arcadia retail empire for £265m.

The online fashion retailer is buying Topshop, Topman, Miss Selfridge and HIIT.

Administrators for Sir Philip Green’s retail group said Asos has paid an additional £65m for current and pre-ordered stock.

Asos told investors on Monday morning that it will take on around 300 employees as part of the deal, which will not include any of the brands’ stores.

The Arcadia group employed 13,000 staff and had 500 stores across the UK when it entered administration in December, after pandemic closures further exacerbated the group’s troubles.

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.

Asos said its acquisition of the four brands will “resonate” with its core customer base of “20-somethings” in the UK.

It said it expects the deal to complete later this week, adding that it will also see £20m worth of one-off restructuring and transaction costs.

Asos chief executive Nick Beighton 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.”