The widely popular online fashion retailer, Asos, has bought Topshop, Topman, Miss Selfridge and HIIT brands from the now defunct Arcadia group, in a deal that is reportedly worth £295 million (€335 million).
Arcadia group, owned by Sir Philip Green, declared bankruptcy in November 2020, raising questions about the future of the group’s brands and associated 13,000 jobs.
BBC reports that Asos is acquiring the aforementioned brands and stock, but is not buying the brand’s stores.
Asos CEO Nick Beighton said of the deal:
“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.”
Arcadia’s administrators have confirmed the deal, confirming that around 300 people currently employed by the brands in design, buying and retail partnerships, would transfer to Asos.
It also said that the deal’s completion is expected come 4th February. No mention was made of the thousands of retail workers employed in Topshop, Topman & Miss Selfridge brands.
Arcadia group previously owned Burton, Dorothy Perkins, Evans, Miss Selfridge, Outfit, Topman, Wallis and Topshop. Fast-fashion retailer Boohoo has entered talks to buy out Arkadia’s Dorothy Perkins, Wallis and Burton brands. Boohoo has been on an acquiring spree, having already purchased Debenhams, Oasis, Coast and Karen Millen brands out of administration, but not their respective high street stores
The proposal would grant consumers rights beyond the legal warranty
The nickel was bought by the bank from the London Metals Exchange
The move was welcomed by banking regulators around the world