Mon, 01 Feb 2021 | BUSINESS SALE
Online fashion retailer ASOS has agreed a £295 million deal to acquire the stock and brands of Topshop, Topman, Miss Selfridge and HIIT from the administrators of Arcadia Group. The deal, which does not cover any high street stores, sees ASOS pay £265 million for the brands and £30 million for stock.
The takeover is expected to complete by Thursday February 4. 300 head office staff will make the move to ASOS, in order to assist with retail partnerships, design and buying, leaving around 2,500 jobs at risk.
The acquisition follows a similar deal last week which saw Boohoo acquire the brand of department store chain Debenhams, but none of its stores. These deals are widely seen as emblematic of a shift, accelerated by COVID-19, away from the high street and towards online retail.
ASOS described the deal as a "strategically compelling opportunity to acquire four strong, iconic fashion brands". The group’s Chief Executive Nick Beighton commented: "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.
"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."
Sir Philip Green’s Arcadia retail group went into administration in December as the impact of COVID-19 on the group’s brands exacerbated existing issues, such as an under-developed online offering and falling sales. The group’s pension scheme also has a £350 million funding shortfall.
Former Arcadia brands Burton, Dorothy Perkins and Wallis are yet to have been acquired, but are reported to be the subject of ongoing exclusive negotiations with Boohoo.
Find businesses for sale here.
If you are looking for an exit, we can help!
Independent DIY business that has operated as one of the area’s preferred providers of DIY products for over 30 years. The store has built its enviable reputation based on stellar customer service and its wide range of great-value products.
The business was established in the 2010s, quickly outgrowing its original premises and moving into its current, larger workshop. The previous owner started the business in the South East of England 60 years ago from humble premises, gaining loyal cu...
An extremely well established business operating from a number of leased and owned premises located in excellent high streets in a number of fantastic trading positions with unprecedented footfall.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.