Asos confirms takeover of Topshop, Topman, Miss Selfridge and fitness brand HIIT from Sir Philip Green’s collapsed Arcadia empire – but the deal does NOT include 300 shops and 2,500 store staff.
Asos is acquiring the stock and brands. However, it is not taking on the stores. It is paying £265m for the brands and a further £30m 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.
“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.”
Mr Beighton told journalists on a conference call that acquiring the brands would accelerate Asos’s mission to become “the number one destination for fashion-loving 20-somethings throughout the world”.
“This deal makes perfect sense for us on every level,” he added.
Administrators for Arcadia confirmed the deal, saying about 300 people currently employed by the brands in design, buying and retail partnerships would transfer to Asos.
The administrators added that the deal was expected to complete on 4 February.
However, neither Asos nor the administrators made any mention of the people who worked in the brands’ store networks.
It is thought that the deal puts about 2,500 jobs at risk.