ASOS has bought Topshop, Topman, Miss Selfridge in a deal that will shut 70 shops forever and put 2,200 jobs at risk.
The deal, which is worth £295million, was confirmed in an announcement on the London Stock Exchange today.
The stores are owned by Sir Philip Green’s Arcadia Group, which fell into administration in November 2020.
But the deal doesn’t include the physical shops, and only 300 of the 2,500 staff that work across the brands will move over to ASOS.
Nick Beighton, CEO of ASOS, said: “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.”
More to follow…
For the latest news on this story keep checking back at Sun Online.
Thesun.co.uk is your go to destination for the best celebrity news, football news, real-life stories, jaw-dropping pictures and must-see video.
Download our fantastic, new and improved free App for the best ever Sun Online experience. For iPhone click here, for Android click here.
Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.
