2/1/2021, 8:25 AM (Source: TeleTrader)
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ASOS buys Arcadia's Topshop and three other brands for £295M

British retailer Arcadia confirmed it sold its brands Topshop, Topman, Miss Selfridge and HIIT to online fashion retailer ASOS in a deal worth £295 million. The company, owned by Sir Philip Green, fell into administration in November last year and will see 300 employees transfer to the new owner.

Under the deal, Asos agreed to acquire both the stock and the brands but not the stores. According to the report, £265 million will be paid for the brands and a further £30 million 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."

Baha Breaking News (BBN) / TF