As previously reported Sir Philip Greens’ Arcadia Group went into administration in November 2020. Since then there has been uncertainty on the standing on the many iconic brands under the Arcadia umbrella which have become staples on the British high street.
It has now been reported that ASOS has acquired Topshop, Topman and Miss Selfridge but will not be taking on the stores however all 300 employees will transfer over. ASOS will apparently pay £265m for the brands and a further £30m for the stock. A steal if you ask me, at one time Topshop and Topman was reported to be worth £2bn (source)
“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”- Asos chief executive Nick Beighton said.