Asos has bought Topshop, Topman, Miss Selfridge and athleisure brand HIIT from the Arcadia Group for £265 million. The deal will see 300 employees transfer to Asos but the future of 2,500 Arcadia employees remains at risk since the Topshop and Miss Selfridge stores are not included in the deal. Completion of the transaction is expected on February 4, 2021, and Asos said its acquisition of the four brands will “resonate” with its core customer base of “20-somethings” in the UK.
“We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands,” 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 announcement comes after Asos rival Boohoo announced last Friday that it was in talks with Arcadia administrators to buy three of its brands – Dorothy Perkins, Wallis and Burton.
