ASOS Just Bought the Topshop Brand for $411 Million
ASOS, the British online retailer, has just bought the Topshop brand from the Arcadia Group in a £295-million deal (approximately $411 million). The acquisition includes other Topshop brands such as Topman, Miss Selfridge, and HIIT.
The purchase, however, doesn't include the brand's brick-and-mortar stores, putting thousands of jobs at risk. A total of 70 outlets will close, with Topshop's Oxford Circus flagship store being looked at as the brand's single physical store.
Read ASOS chief executive Nick Beighton's full statement below.
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.
Aside from Topshop, the Arcadia Groups' notable former operations included Debenhams, Etam, and Warehouse, to name a few. The retailing companies remaining subsidiaries are Burton, Wallis, Dorothy Perkins, and Outfit.
Retail has suffered tremendously from the pandemic, and the acquisition is the latest in a string of fashion-related deals: LVMH and Tiffany & Co., Sequoia Captial China and AMI, Moncler and Stone Island, and VF Corporation and Supreme.