{"id":3407,"date":"2021-02-01T09:33:08","date_gmt":"2021-02-01T09:33:08","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=3407"},"modified":"2021-02-01T09:33:08","modified_gmt":"2021-02-01T09:33:08","slug":"asos-to-buy-topshop-topman-and-miss-selfridge-for-265m","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/01\/asos-to-buy-topshop-topman-and-miss-selfridge-for-265m\/","title":{"rendered":"Asos to buy Topshop, Topman and Miss Selfridge for \u00a3265m"},"content":{"rendered":"

Asos confirmed on Monday that it will acquire the Topshop, Topman, Miss Selfridge and HIIT brands for \u00a3265m plus \u00a330m worth of inventory as it looks to accelerate sales of third-party brands on its marketplace. The transaction will save about 300 jobs as employees across design, buying and retail partnerships will be transferred to Asos, but does not include the group\u2019s 70 stores.<\/p>\n

Topshop, part of Philip Green\u2019s once-mighty Arcadia fashion empire, was hit especially hard by the coronavirus pandemic, which forced the repeated closure of its stores for weeks at a time. The company was put into administration in November, along with the rest of Arcadia.<\/p>\n

\"rapid-news-rapidnews-Asos-to-buy-Topshop-Topman-and-Miss-Selfridge-for-\u00a3265m\"<\/p>\n

Asos said there would be about \u00a320m of start-up costs in the current financial year, but that it expected the brands to generate a \u201cdouble-digit\u201d return on capital in the year to August 2022. It also said it would work with retail partners such as Nordstrom in the US, with which Topshop has a concession agreement, to accelerate international expansion.<\/p>\n

Recommended LombardBryce Elder Online retailers are playing a risky game with the UK high street \u201cWe are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands,\u201d said Nick Beighton, Asos chief executive.<\/p>\n

\u201cThe 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.\u201d The transaction, which should be completed this week, follows the sale of Evans to City Chic in December for \u00a323m. Boohoo is in discussions over the remaining brands in the Arcadia stable \u2014 Burton, Dorothy Perkins and Wallis.<\/p>\n","protected":false},"excerpt":{"rendered":"

Asos confirmed on Monday that it will acquire the Topshop, Topman, Miss Selfridge and HIIT<\/p>\n","protected":false},"author":1,"featured_media":3408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-3407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nAsos buys Topshop, Topman and Miss Selfridge brands for \u00a3265m<\/title>\n<meta name=\"description\" content=\"Asos confirmed on Monday that it will acquire the Topshop, Topman, Miss Selfridge and HIIT brands for \u00a3265m plus \u00a330m worth\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/02\/01\/asos-to-buy-topshop-topman-and-miss-selfridge-for-265m\/\" \/>\n<meta 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