LONDON – British online fashion group Asos has agreed to buy four key brands, including Topshop from collapsed retail group Arcadia for £330 million (RM1.82 billion), administrators said today.
“The joint administrators to the Arcadia Group Ltd and various subsidiaries announce the sale of Topshop, Topman, Miss Selfridge and HIIT brands to Asos Plc. The sale will generate total proceeds of £330 million,” administrators Deloitte said in a statement.
“Under the terms of the transaction, Asos will acquire the brands, intellectual property and inventory. In addition, approximately 300 employees across design, buying and retail partnerships will transfer to Asos.”
The transaction excludes the retail store network of Topshop, Topman, and Miss Selfridge, and has sparked concerns over potential job cuts.
A source close to the matter said the store closures would put 2,500 jobs at risk.
The deal is expected to be completed on Thursday.
The announcement comes after Asos-rival Boohoo announced last Friday that it was in talks with Arcadia administrators to buy three of its brands comprising Dorothy Perkins, Wallis, and Burton.
Boohoo also agreed last week to purchase the intellectual property assets of failed department store chain Debenhams.
Both Arcadia and Debenhams collapsed in December – together risking the loss of 25,000 jobs – having struggled to transition from a brick-and-mortar business long before the coronavirus pandemic forced shoppers online. – AFP, February 1, 2021
