Asos confirms it’s buying Topshop and Miss Selfridge brands for £295m
Now you can rest easy knowing you can still get your Joni jeans
Asos has bought Topshop and a number of other brands from the failed Arcadia retail group – costing them almost £300 million.
Asos is reportedly paying £265m for the Topshop, Topman, Miss Selfridge and HIIT brands, as well as £30m for stock. Although it is taking on the brands and stock, it is not taking on the physical stores.
The Aracdia group, which has 13,000 jobs and owned Topshop and the other brands, went into administration last November.
Asos chief executive Nick Beighton said: “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.”
The deal is expected to complete on February 4th.
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.
Asos said it had acquired “strong consumer-facing brands” and saw “a significant opportunity” to further grow them globally, and said the brands would benefit from “investment into customer engagement and brand positioning in line with our existing model”.
Topshop, Topman, Miss Selfridge and HIIT are currently sold on the Asos website.
Featured image via Asos