Topshop and three other Arcadia brands sold to ASOS in £330m deal

1 February 2021, 07:15 | Updated: 1 February 2021, 11:55

Arcadia has confirmed the sale of the Topshop, Topman, Miss Selfridge and HIIT brands to online fashion retailer ASOS
Arcadia has confirmed the sale of the Topshop, Topman, Miss Selfridge and HIIT brands to online fashion retailer ASOS. Picture: PA

By Kate Buck

Arcadia has confirmed the sale of the Topshop, Topman, Miss Selfridge and HIIT brands to online fashion retailer ASOS in a deal worth £330m.

The empire, owned by Sir Philip Green, collapsed into administration last November.

ASOS has agreed to pay £265 million for the brands, and a further £65 million for current and pre-ordered stock.

However, the deal doesn't include stores on the high street, potentially leaving thousands out of work.

Around 300 employees across design, buying and retail partnerships will transfer to ASOS.

ASOS Facts: Who owns ASOS and what does it stand for?

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.

Shoppers in Cardiff react to Arcadia's collapse into administration

It said it expects the deal to complete later this week, adding that it will also see £20 million 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."

More to follow...

More Latest News

See more More Latest News

Inquests into the deaths of the women, who were both born in Pakistan but lived in Maltsby, Rotherham, South Yorkshire, were opened on Wednesday.

Sisters drown in pools on popular Snowdonia route, inquest told

A police cordon blocking the inside lane of the northbound carriageway on the M1 motorway near Bucknalls Lane overpass in Hertfordshire, where a man's body was found by road workers on Monday.

Horror crash sees M1 closed 'in both directions' with emergency services including air ambulance in attendance

Bruce Springsteen performs on stage

First look at upcoming Bruce Springsteen biopic starring Jeremy Allen White divides fans

Liz Kendall, Work and Pensions Secretary and Labour MP for Leicester West spoke to LBC's Tom Swarbrick.

Liz Kendall unable to say how much the changes in the Welfare Bill announced today will end up costing

Exclusive
Brexit has unleashed ‘backstreet medicine’ across Britain, warns leading pharmacist

Brexit has unleashed ‘backstreet medicine’ across Britain, warns leading pharmacist

The record breaking ticket was bought in Munster. It is still unclaimed

'Have a cup of tea and let it sink in': Lottery bosses message to record Euromillions winner as prize yet unclaimed

Exclusive
Joe and his friends found the fraudulent listing on RightMove and OpenRent.

‘We lost £5,000 in a rental fraud scam and now we’re facing homelessness’

Ruth Jones and husband David Peet split up after 26 years. he is now in a new relationship in Canada

Gavin and Stacey star Ruth Jones splits from husband after 26 years

Iran's supreme leader has hit back at Trump.

'Nobody knows what I'm gonna do': Trump's cryptic message as Iran brands claims of Washington talks 'despicable lies'

The Adalynn and Front Eagle tankers collided and caught on fire on Tuesday close to the Strait of Hormuz.

Navigational mistake led to oil tanker collision near Strait of Hormuz, says UAE official

Marine experts are set to bring the stricken Bayesian to the surface

Tech tycoon Mike Lynch's sunken superyacht to be raised from the seabed this weekend

Police officers stand next to a restaurant as people protest against overtourism in the Balearic island of Mallorca

Spain: Brits warned of tough rules for holidaying this summer

The Home Office UK Visas & Immigration Office at Lunar House in Croydon, London, UK.

Home Office tells children, aged 11 and eight, they must return to Brazil without parents or face being 'detained'

Yvonne Ford, 59, from Barnsley.

Pictured: Brit grandmother who died from rabies after being scratched by puppy as family issues stark warning

The 35-year-old received the news after earning his biggest win in two years, which also helped him reclaim a spot in the world's top 200 rankings

Dan Evans handed Wimbledon wildcard after stunning win over world No.13 Frances Tiafoe

How Iran could hit back: The growing threat to Western bases as Israeli strikes on Tehran escalate

How Iran could hit back: The growing threat to Western bases as Israeli strikes on Tehran escalate