Asos joins race for Topshop, Topman and Miss Selfridge

25 Janvier, 2021, 09:39 | Auteur: Auguste Feret
  • Topshop might be acquired by online fashion retailer ASOS: report

High street retailer, Next, made a bid for the acquisition of Topshop, Topman and Miss Selfridge, but recently dropped out after their bid failed to meet expectations. Deloitte was appointed Arcadia's administrator and said it was seeking buyers for the group's brands: Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans, Burton and Outfit.

ASOS, an all-online fashion giant, is reportedly buying the Topshop brand but is not holding any talks about buying from Topshop stores, Sky reported.

Topshop, part of British mogul Philip Green's Arcadia fashion group, collapsed into government late previous year, putting 13,000 jobs at risk.

ASOS looks to buy the brand for over £ 250million ($ 342million), Sky News reported.

Sir Philip Green is under pressure to use his own money to plug an estimated £350m hole in Arcadia's pension fund, which has about 10,000 members.

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A source close to Asos cautioned Sky News on Saturday that a deal had not been struck and that there was no certainty that an agreement would be reached. "It's a firm to be reckoned with", said one U.S. source.

Arcadia went into administration in November, putting more than 13,000 jobs at risk and becoming Britain's biggest corporate casualty of the COVID-19 pandemic.

The demise of the empire comes after the collapse of retailers such as Cath Kidston, Oasis and Warehouse and Debenhams.

Topshop is considered Arcadia's flagship brand, and a sale could fetch about £200 million.

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