Feb 1, 2021
Asos buys Topshop, Topman and Miss Selfridge brands
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. It 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. Other brands in the Arcadia stable that have not yet been sold include Dorothy Perkins, Wallis and Burton. Boohoo sealed a deal to buy the Debenhams brand and website for £55m. However, the price tag did not include any of the retailer's remaining 118 High Street stores or its workforce, resulting in up to 12,000 job losses.
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