Asos has confirmed they have agreed a deal to buy Topshop, Miss Selfridge and a number of other brands from the failed Arcadia retail group in a deal worth almost £300 million, and is expected to complete on February 4th.
The online retail giant is reportedly paying £265m for the Topshop, Topman, Miss Selfridge and HIIT brands, as well as £30m for stock. The deal is only for the stock and the brands, so the physical stores still will close.
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,”
Administrators for Arcadia said about 300 people currently employed in the brands, working in design, buying and retail partnerships, will transfer to Asos. Neither the administrators nor Asos have said what will happen to the thousands of other employees or their jobs.
