Online fast fashion retailer Asos is the new owner of Topshop and other leading brands from Sir Philip Green’s Arcadia empire after agreeing a deal worth £295m.
The sale also includes Topman, Miss Selfridge and HIIT, which were put up for sale after Arcadia collapsed into administration last year.
Only 300 staff will besaved as part of the deal, resulting in job losses for the rest of the brands’ staff, including those working across the high street store network. Asos, which only operates online, has not bought any of the stores. It has paid £265m for the brands and £30m for stock.
Arcadia Group as a whole employed 13,000 staff and had 500 stores across the UK when it entered administration in November.
The Asos chief executive, Nick Beighton, said he was “extremely proud” of the deal. He said: “The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multibrand 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.”
The online retailer, which confirmed last week it was in exclusive talks with Acradia administrators after the Guardian first revealed the talks, will complete the takeover by Thursday.
-The Guardian
