The renowned online fashion retailer, ASOS, has bought the Topshop, Topman, Miss Selfridge, and HIIT brands from the failed retail group, Arcadia, in a deal worth nearly 300 million pounds.
The rumours are true… @Topshop & @Topman are now part of the ASOS family 💛
— ASOS (@ASOS) February 1, 2021
Sir Philip Green’s Arcadia group went bankrupt last November, casting immense doubt over the brands’ futures and cost 13,000 jobs. Whilst ASOS will not be taking the stores, it will be acquiring the stock and brands.
ASOS Chief Executive, Nick Beighton shared, ‘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.’
Stay tuned, the full collection is coming soon… pic.twitter.com/I8vOZozYZF
— ASOS (@ASOS) February 1, 2021
‘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.’
Mr. Beighton also shared that this would help accelerate ASOS’s end goal to become ‘the number one destination for fashion-loving 20-somethings throughout the world’.
Meanwhile, around 300 people currently employed by the brands in design, buying, and retail partnerships will be transferring to ASOS. As for the people who worked in the brands’ stores, nothing has been revealed yet, placing 2,500 jobs at risk.
