THE WHAT? Asos has announced the planned acquisition of four Arcadia brands: Topshop, Topman, Miss Selfridge and HIIT for £265 million. The transaction is expected to complete on February 4, 2021.
THE DETAILS The online fashion retailer said that it would work to integrate the brands into its business quickly, using its existing warehouse and technology infrastructure and that it plans to deepen its partnership with department store chain Nordstrom to accelerate growth in the US.
The all-cash transaction will likely see all existing standalone stores close but Bloomberg reports that Asos is considering the future of the Topshop flagship on London’s Oxford Street.
THE WHY? Nick Beighton, CEO, 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.”