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 đ
— ASOS (@ASOS) February 1, 2021
Sir Philip Greenâs Arcadia group went bankrupt last November, casting immense doubt over the brandsâ 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, âThe 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.â
Stay tuned, the full collection is coming soon… pic.twitter.com/I8vOZozYZF
— ASOS (@ASOS) February 1, 2021
âWe 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.â
Mr. Beighton also shared that this would help accelerate ASOSâs end goal to become âthe number one destination for fashion-loving 20-somethings throughout the worldâ.
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 brandsâ stores, nothing has been revealed yet, placing 2,500 jobs at risk.
