Asos acquires Topshop, Topman and Miss Selfridge brands
Asos will acquire the stock and the brands but will not take on the stores
Online fashion retailer Asos has bought the Topshop, Topman, Miss Selfridge and HIIT brands from the collapsed retail group Arcadia.
In a deal worth £295m ($403m, €333m), Asos will acquire the stock and the brands but will not take on the stores.
It is paying £265m for the brands and a further £30m for the stock.
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.”
Asos already sells the above brands on its platform but now under its full ownership, Asos will further develop the brands by using its own “design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world,” Beighton said.
Sir Philip Green's Arcadia group fell into administration in November last year, putting 13,000 jobs at risk.
Administrators for Arcadia confirmed the deal, saying about 300 people currently employed by the brands in design, buying and retail partnerships would move over to Asos.
The deal is expected to complete on February 4, 2021.
However, Asos nor the administrators made any mention of the people who worked in the brands' store networks.
It is thought that the deal puts about 2,500 jobs at risk.
FURTHER READING: Fashion retailer Next in lead to buy Topshop owner Arcadia