Asos emerges as frontrunner to buy TopShop brand

  • Asos emerges as frontrunner to buy TopShop brand

Asos emerges as frontrunner to buy TopShop brand

ASOS is looking to acquire Arcadia Group's Topshop, Topman and Miss Selfridge following its administration in November 2020.

Topshop, part of British tycoon Philip Green's Arcadia fashion group, collapsed into administration late past year, putting 13,000 jobs at risk.

Aussie retailer, City Chic, acquired Evans for £23 million following Arcadia's collapse.

ASOS is competing to buy Topshop against several rivals, including Chinese fashion group Shein and USA retailer Authentic Brands Group, Sky reported.

On Friday Next announced it had pulled out of the race, stating that it was "unable to meet the price expectations of the vendor", and clearing the way at the time for Authentic Brands, G-III Apparel and Shein to place their final offers.

REUTERS
REUTERS

Asos, which according to Sky News is now frontrunner to buy the three brands in question, declined to comment. ASOS now houses Topshop, Topman, Miss Selfridge and Burtons on its site, and has experienced skyrocketing sales due to the pandemic.

Topshop is one of the online retailer's most popular brands and its interest may be to preserve a key supply line.

Citing "insiders", Sky said ASOS would pay more than GBP250 million for TopShop, part of Philip Green's collapsed Arcadia Group.

This is to preserve as numerous group's 13,000-strong, pre-administration workforce as possible and maximise returns for Arcadia's creditors, the biggest of which is its pension scheme, which supports 9,000 members.