Online retail company ASOS, confirmed Monday Feb. 1, 2021, it has sealed the takeover of Topshop and three other brands from the collapse of the Arcadia retail empire, buying the brand names but not the high street retail space.
The deal, announced Monday, puts thousands of jobs at risk because Asos acquired the Topshop, Topman, Miss Selfridge’s and HIIT brands but none of their stores.
AdArcadia struggled to respond to increased competition from low-cost rivals like Primark, as well as from online disrupters such as Asos and Boohoo.
The four brands acquired in Monday’s deal posted sales of 1 billion pounds, Asos said.
Boohoo, said last week it was in exclusive talks to buy three other Arcadia brands — Dorothy Perkins, Wallis and Burton — in a deal that also won’t include any stores.