Asos buys Topshop, Topman and Miss Selfridge brands
Online fashion retailer Asos has required Topshop, Topman, Miss Selfridge and HIIT, all brands from Arcadia, a retail group that fell into administration at the end of last year. Asos will take over the brands as well as the stock, but it won’t take on the physical stores.
At the end of November 2020, Arcadia fell into administration, after struggling for years. According to retail experts, this was caused by an online proposition that was way behind that of competitors.
Asos pays 300 million euros for the brands
Asos is now paying 300 million euros for the brands and a further 34 million euros for the accompanying stock. “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”, CEO Nick Beighton commented.
The acquisition is a hugely exciting moment for Asos.
He adds: “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.”
Other brands from Arcadia
In December, Arcadia sold one of its other brands, Evans, to Australian omnichannel fashion retailer City Chic. Arcadia brands that still haven’t been sold are Dorothy Perkins, Wallis and Burton. Rumor says that online fashion retailer Boohoo is looking to acquire those brands.