ASOS Agrees To Buy Topshop, Topman And Miss Selfridge Putting Jobs 2,500 In Jeopardy.
ONLINE fashion retailer Asos has bought the Topshop, Topman, Miss Selfridge and HIIT brands from failed retail group Arcadia in a deal worth £295m. Sir Philip Green’s Arcadia group fell into administration in November last year, casting doubt over the future of its brands and 13,000 jobs.
Asos is acquiring the stock and brands, however, it is not taking on the stores, leaving thousands of jobs in question. It is understood the company is paying £265m for the brands and a further £30m for the stock.
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.”
Administrators for Arcadia confirmed the deal, saying about 300 people currently employed by the brands in design, buying and retail partnerships would transfer to Asos. The administrators added that the deal was expected to complete on 4 February, neither Asos nor the administrators made any mention of the people who worked in the brands’ store networks.
Thank you for taking the time to read this news article “ASOS Agrees To Buy Topshop, Topman And Miss Selfridge Putting 2,500 Jobs In Jeopardy ”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.