Online fashion retailer Asos has acquired the Topshop, Topman, Miss Selfridge and HIIT brands from failed retail group Arcadia in a deal worth €334.6m (£295m). Arcadia group fell into administration in November last year, putting at risk over 13,000 jobs. This acquisition represents a compelling strategic opportunity in support of Asos's mission to become the number one destination for fashion-loving 20-somethings worldwide.
Administrators for Arcadia stated that 300 people currently employed by the brands in design, buying and retail partnerships would transfer to Asos. The future of the store network is still not confirmed.
Nick Beighton, CEO, 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."
