Asos buys Topshop, Topman and Miss Selfridge brands for £265m
- Credit: Archant
Asos confirmed it has acquired the troubled Arcadia brands, which have stores in Norfolk, and will take on 300 employees. But the deal doesn't include buying the actual stores.
The online fashion retailer is buying Topshop, Topman, Miss Selfridge and HIIT. Administrators for Sir Philip Green's retail group said Asos also paid an additional £65 million for current and pre-ordered stock.
Arcadia collapsed into insolvency at the start of December after pandemic closures further exacerbated the group's troubles.
Last week, Boohoo said it was in exclusive talks to buy the Dorothy Perkins, Wallis and Burton brands in a move which will also not include any stores. The same fate lies for Debenhams with the future of the buildings uncertain.
Asos said its acquisition of the four brands will "resonate" with its core customer base of "20-somethings" in the UK.
It said it expects the deal to complete later this week, adding that it will also see £20 million worth of one-off restructuring and transaction costs.
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."