ASOS have acquired Topshop, Topman, Miss Selfridge and HIIT brands for £265million.
ASOS is acquiring the stock and brands from Arcadia, but the physical retail stores are not included in the deal.
“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.” – Nick Beighton, CEO
Administrators for Arcadia confirmed the deal, and have said that about 300 people who are currently employed by the (Arcadia) brands in design, buying and retail partnerships would transfer to ASOS. The administrators added that the deal was expected to complete on 4 February.