The online fashion and cosmetics retailer has acquired the strong, iconic fashion brands for a price of £265M.
The deal does not include the brands’ stores and as a result puts 2,500 jobs at risk but will see 300 employees transfer to ASOS. Alongside the £265M price paid for the four brands, ASOS has also paid an additional £65M for current and pre-ordered stock, bringing the total price to £330M.
Nick Beighton, Chief Executive Officer, commented: “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.”
The transaction is expected to be completed on February 4, 2021.
