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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 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.
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 £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...