Job loss fears rise as Asos takes Topshop brand online
Asos has confirmed that it has bought Topshop, Topman, Miss Selfridge and HIIT for £265 million, saving four brands involved in the collapse of the Arcadia retail empire.
Administrators for Sir Philip Green's retail group said Asos has paid an additional £65 million for current and pre-ordered stock.
However, the deal does not include any of the brands' stores - the online fashion retailer will be transferring around 300 employees involved in design, buying and retail partnerships, but shops are not expected to reopen after the lockdown period.
The deal is expected to complete later this week.
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."
Beighton told reporters on Monday that the company was "looking at" the possibility of retaining Topshop’s flagship store on Oxford Street, but admitted it was "not a priority".
"It is something we are considering but we are not a stores business," he said.
"Our priority is to double down on the brands, which we’ve seen perform incredibly well across our platform."
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.