“The acquisition of these iconic British brands is a hugely exciting moment for ASOS and our customers and … Only 300 staff will be brought over as part of deal with Arcadia, putting 2,500 jobs at risk, First published on Mon 1 Feb 2021 19.05 AEDT. From a brand perspective, Asos is in much better health than the Arcadia brands it has acquired but buying up Topshop, Topman and Miss Selfridge will help it boost perceptions of quality. Of course, the ASOS acquisition isn’t the only deal we have seen recently that resulted in another high street loss. Warehouse and head office jobs are also at risk. Asos is not a store, but is acquiring the brand for £ 265m and stake for … Asos is buying the Topshop, Topman, Miss Selfridge and HIIT brands, but not the shops. By … The acquisition, which was announced on 1 February 2021, is scheduled to complete on 4 February 2021. Asos has confirmed it has sealed the takeover of Topshop and three other brands from the collapse of the Arcadia retail empire.. The Rise and Fall of Topshop: What Went Wrong, Why Digital Fashion Companies Are Buying Up Tired Brands, Designer Alber Elbaz Dies of Covid-19, Aged 59. Boohoo could be the next to pull out of the race, having just confirmed its acquisition of the Debenhams brand and assets. The deal sent Asos shares up nearly 7% on Monday. Asos buys Topshop, Topman and Miss Selfridge from Arcadia group – after Boohoo snaps up Debenhams Asos paid an additional £65m for current and pre … The three-storey building has been a retail icon since opening back in 1994, living through the great rise, and then subsequent fall, of … ASOS, the online fashion and cosmetic retailer, has acquired Topshop, Topman, Miss Selfridge and HIIT brands for US$362.7 million. The move coincides with the first major drops of new product from the brands on ASOS since the acquisition. So, since we were presented with opportunity we said we’d have a look, but it’s not our number one priority or focus right now,” he said. Asos has acquired Topshop and other three Arcadia Group brands for £330 million, in a deal that does not include the brands’ stores and places … Topshop at ASOS. In a major changing of the guard, British online retailer Asos has snapped up the high-street label alongside sister brands Topman, Miss Selfridge and HIIT, in a deal worth £295 million ($411 million). In a major changing of the guard, British online retailer Asos has snapped up the high-street label alongside sister brands Topman, Miss Selfridge and HIIT, in a deal worth £295 million … Despite the collapse, Sir Philip's family is still expected to receive £50million from the sale of Topshop. “The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multibrand platform strategy,” he said. ASOS, run by Scotland's richest man Anders Holch Povlsen, worth £6.1billion, has bought the Topshop, Topman, Miss Selfridge and HIIT brands … Asos, which only operates online, has not agreed to buy any of the brands’ 70 stores, putting at risk the jobs of 2,500 high-street shop workers. At the beginning of February 2021, online-only retailer ASOS acquired high-street staple Topshop in a £265 million ($363.3 million) deal. The acquisition of Topshop and its sister brands is intended to bolster Asos’ position in an increasingly competitive marketplace, as digital rivals like Boohoo consolidate their position and build out their own empires through M&A. The deal excludes the Topshop, Topman and Miss Selfridge store network, which comprises around 70 leasehold sites. Nordstrom and Asos are employing a “clean-slate” approach to drive Topshop and Topman’s businesses in the U.S. — and the new partners could soon be teaming up on other projects too. (RTTNews) - ASOS plc (ASOMY.PK, ASOMF.PK, ASC.L) announced the acquisition of Topshop, Topman, Miss Selfridge and HIIT brands. The deal does not include any of Arcadia’s warehouses or its distribution centre in Daventry. Nick Beighton, CEO, commented, “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. Arcadia employed around 13,000 people and has 444 UK stores . “It’s actually disgusting … the administrators didn’t inform us, the press/social media knew before we did. Any acquisition would be funded from cash reserves.” ASOS began selling the Topshop and Topman brands on its site in autumn 2019 and from a customer profile perspective it is seen as the best fit for the young fashion brands from Arcadia. The three-storey building has been a retail icon since opening back in 1994, living through the great rise, and then subsequent fall, of … Asos’s acquisition of Arcadia’s Topshop, Topman, Miss Selfridge and HIIT brands – combined with Boohoo’s recent purchase of Debenhams – marks a seminal moment in UK retail, as relatively cash-rich digital-first brands buy struggling heritage high street physical-first retailers. Andrew Jolly … Asos only operates online and has not bought any of the Topshop, Topman or Miss Selfridge stores. It comes after Sir Philip Green’s retail e… The new multi-million pound campaign is aimed at Topshop and Topman customers, informing them that they can “buy their favorite brands on ASOS after the acquisition earlier in the month.” Campaigns include YouTube, TikTok, Snapchat, Facebook, and Instagram 2 weeks. I’ve worked for Topshop for 2 years & my own manager found out through Sky News as the Administrators didn’t inform us, the press/social media knew before we did. The sale of Topshop, Topman, Miss Selfridge and HIIT to Asos leaves Burton, Dorothy Perkins and Wallis as the remaining labels still in need of a … Asos already stocks Topshop on its site, which targets a Gen-Z and Millennial demographic. The e-commerce company also acquired the Topman, Miss Selfridge and HIIT brands from failed retailer Arcadia Group. Asos Buys Topshop, Sister Brands in £295 Million Deal. ASOS, the leading online fashion retailer, has acquired Topshop, Topman, Miss Selfridge and HIIT brands for a total £295 million ($528.49 million). The deal is … In a statement, the online-only retailer said it would be "transforming the digital experience through full integration into the ASOS platform." Asos has announced its acquisition of former Arcadia Group brands Topshop, Topman, Miss Selfridge and HIIT for £330 million. Shop our collection of clothes, accessories, beauty & more José Antonio Ramos, chief commercial officer at ASOS, said: “Topshop and Topman were well-established, strong-performing brands on ASOS prior to the acquisition, and we know our customers loved them just as much as us. Why is ASOS’s acquisition of Topshop so significant in the world of digital and data? It concludes months of speculation over the future of a brand that once ruled the high street, after parent company Arcadia Group entered administration in November. Why Shoppers Are Obsessed With ‘Summer Camp’ Jewellery, The Shifting Power Dynamics in Fashion PR, Revenge Shopping vs Sustainability: Fashion Can’t Have Both, Gucci, Facebook File Joint Lawsuit Against Alleged Counterfeiter, CFDA and Vogue Announce Fashion Fund Finalists, Thom Browne to Return to New York Fashion Week in September, Gap Commits $510,000 to Support Black Fashion Education, A Company Paid $1.8 Million for Yeezy Sneakers So You Can Afford Them, South Korea Rises in World Luxury Sales Rankings, How to Crack Nigeria’s $1.2 Billion Beauty Market, Fashion Brands See Online Sales Decline in India. British fast-fashion retailer Asos’ acquisition of British high-street retailer Topshop, announced Monday, was made possible by its excellent year: It saw sales growth of more than 10% per quarter over 2020, thanks to the surge in e-commerce sales and its quick pivot to at-home comfort wear. The online retailer, which confirmed last week it was in exclusive negotiations with Arcadia’s administrators after the Guardian first revealed the talks, will complete the takeover by Thursday. ASOS delivered another exceptionally strong half, with record adjusted Profit Before Tax of £112.9m (excluding Topshop, Topman, Miss Selfridge and HIIT one-off acquisition and integration costs and amortisation of acquired intangible assets). 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. Online fashion retailer ASOS has acquired the Topshop, Topman, Miss Selfridge and HIIT brands from the Arcadia Group for £265 million, approximately $411 million USD. A report by the administrators Deloitte, seen by the Guardian, suggested Green’s family was likely to receive £50m from the sale, relating to an interest-free loan it made to the group in 2019 at the time of an emergency restructure. Beighton said he was “extremely proud” of the deal. By Isabella Fish 1 February 2021. The deal puts thousands of jobs at risk — Asos said just 300 positions across design, buying and retail partnerships would be transferred into its ranks. Online retailer Asos (ASC.L) is on the brink of sealing a deal to buy Topshop and Miss Selfridge from Sir Philip Green's Arcadia Group within days. The e-commerce company also acquired the Topman, Miss Selfridge and HIIT brands from failed retailer Arcadia Group. The acquisition of these iconic British brands is a hugely exciting moment for ASOS and our customers and … Asos stands to boost quality perceptions with Topshop acquisition. In Nordstrom’s fourth-quarter conference call yesterday, executives said they were enthusiastic about Topshop’s new chapter under British powerhouse Asos, … Asos also said it sees “significant scope” for strategic retail partnerships, especially in the US via Topshop’s tie-up with Nordstrom. The acquisition, which was announced on 1 February 2021, is scheduled to complete on 4 February 2021. Asos will acquire the brands, intellectual property and inventory. Administrators at Deloitte have asked Asos to consider keeping open Topshop’s flagship Oxford Street store, though Beighton said he would only be interested in a third-party partnership, rather than adopting the lease or buying the site entirely. Disappointed isn’t the word today. “We’re extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands,” said Asos CEO Nick Beighton. “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,” said ASOS CEO Nick Beighton […] Nick Beighton, Asos CEO, said: "We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. Asos said it will use its existing warehouse and technology infrastructure to absorb the stock – annual revenue at Topshop alone has been around £800-900m in the last few years. It was confirmed on Monday 1 st February that ASOS had officially bought Arcadia brands Topshop, Topman, Miss Selfridge and HIIT, resulting in the closure of stores and potentially 2,500 employees sadly losing their jobs in retail overnight. “It’s not our core model to take stores, nor our core strategy, but never say never. UK online fashion retailer ASOS buys Topshop, Topman, Miss Selfridge with retail collapse. “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. Sign up to the daily Business Today email. ASOS CEO Nick Beighton said: “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. On February 1st, Asos announced it had acquired Topshop, Topman, Miss Selfridge, and HIIT brands for £265 million from Arcadia. All rights reserved. Meanwhile, the competition is continuing to increase the pressure: last week, Boohoo confirmed it is in talks to buy up the remaining brands in Arcadia’s portfolio, which include Burton, Dorothy Perkins and Wallis. Asos said the Topshop, Topman and Miss Selfridge websites will start re-directing customers to Asos from “Wednesday evening or Thursday morning”. It’s actually disgusting. // Asos relaunches Topshop online after acquisition The website has acquired the stock and brands of Topshop, … Asos’s acquisition of Arcadia’s Topshop, Topman, Miss Selfridge and HIIT brands – combined with Boohoo’s recent purchase of Debenhams – marks a seminal moment in UK retail, as relatively cash-rich digital-first brands buy struggling heritage high street physical-first retailers.. Disappointed isn’t the word today,” they said. But while the retailer has a substantial wholesale business, selling Topshop alongside a range of labels including Nike, Tommy Hilfiger and & Other Stories, it’s also been dialling up its own-label business. Nick Beighton, CEO, commented, “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. The online fashion retailer Asos is the new owner of Topshop and other leading brands from Sir Philip Green’s Arcadia empire after a £330m deal that puts thousands of jobs at risk. The acquisition is the latest in an emerging trend of digital retailers snapping up ailing brands from once dominant high street groups. An administrators’ report seen by the Guardian last week showed that Topshop and Topman alone employ about 4,792 staff. This acquisition represents a compelling strategic opportunity in support of the company’s mission to become the number one destination for fashion-loving 20-somethings worldwide. Sir Philip Green's Arcadia group fell into administration … Discover more about this iconic brand, including its much loved denim range and new season must-haves, with ASOS. The declining relevance of land-based shopping is especially meaningful now. ASOS CEO Nick Beighton said: “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. Fast-fashion e-commerce giant ASOS has acquired Topshop and its affiliate brands Topman, Miss Selfridge and HIIT in a deal worth $411 million USD. // Asos relaunches Topshop online after acquisition The race to be fast fashion’s leading online player is heating up — and multi-brand retailer Asos is determined not to get left behind. Feb 1, 2021 2:36AM EST (RTTNews) - ASOS plc (ASOMY.PK, ASOMF.PK, ASC.L) announced the acquisition of Topshop, Topman, Miss Selfridge and HIIT brands. Slaughter and May is working closely with the ASOS in-house legal team led by Anna Suchopar, General Counsel and Company Secretary. Last week, ultra-fast-fashion e-commerce group Boohoo bought struggling British department store Debenhams for £55 Million. We're business as usual. The online fashion retailer Asos is the new owner of Topshop and other leading brands from Sir Philip Green’s Arcadia empire after a £330m deal that puts thousands of jobs at risk. Site Map The move comes just four years after the collapse of Topshop Topman Australia, entering voluntary administration in 2017 with debts of $35 million. The changeover is expected to take place on Wednesday night, with customers likely to be greeted with a webpage redirecting them to the Asos site, which will start incorporating the new brands into its own online platform. Asos's website is now the only place to purchase Topshop items, as Boohoo is reported to be looking into Arcadia's Daventry warehouse. The company had a surplus of cash that allowed it to cover the entire $400 million price tag with cash. The deal also includes Topman, Miss Selfridge and the activewear brand HIIT, which were put up for sale after Arcadia collapsed into administration last year. However any deal is highly unlikely to include Topshop’s retail stores. Topshop finally has a new owner. SHOP NOW "Topshop and Topman were well-established, strong-performing brands on ASOS prior to the acquisition… “Topshop and Topman were well-established, strong-performing brands on Asos prior to the acquisition, and we know our customers loved them just as much as us,” said José Antonio Ramos, chief commercial officer at Asos. Asos will pay £265 million for the brands and a further £30 million for their inventory, but the deal excludes any associated stores. On Monday, the company clinched a deal to buy coveted high-street brand Topshop out of administration from parent company Arcadia Group. British e-tail giant Asos could reportedly retain Topshop’s flagship store on Oxford Circus if it goes ahead with an acquisition of the brand. Meanwhile, affected workers commented on Twitter, with one saying they had worked for Topshop for two years but that their manager only heard their jobs were at risk through news reports on Monday. However, more than 1,000 suppliers and landlords to the high-street fashion chain will get less than 1% of the money owed to them. Purchased Arcadia Group never say never Topshop in a deal thought to be worth about £295 million ASOS already Topshop. Bolster the retailer ’ s warehouses or its distribution centre in Daventry the deal sent ASOS shares nearly... Collapse, Sir Philip 's family is still expected to receive £50million from the and., Sir Philip 's family is still expected to receive £50million from sale. 265 million pounds in London | Source: Shutterstock, digital retailers snapping ailing... In a deal to buy coveted high-street brand Topshop out of the Topshop brand into the ASOS acquisition isn t... Since the acquisition, which comprises around 70 leasehold sites permanently shut since administrators were in! Nearly 7 % on Monday, the company had a surplus of cash that allowed to! A Gen-Z and Millennial demographic after backing out net COVID-related tailwinds we have doubled our profitability … the administrators ’. It aims to increase awareness in the UK, US and German major markets deal thought be. Fashion retailer ASOS has purchased Arcadia Group as a whole employed 13,000 staff and had 500 stores the... 444 UK stores with the first major drops of new product from the brands and a chance! Its acquisition of the race, having just confirmed its acquisition of the Topshop, Topman Miss... Knew before we did fashion & trends in menswear & womenswear at ASOS asos topshop acquisition... Worth about £295 million deal, to help with design, buying retail. Affordable online retailer ASOS Buys Topshop, Topman, Miss Selfridge and HIIT,... Hong Kong the Australian retailer City Chic Collective for £23m in December | Source: Shutterstock, retailers! See also: Topshop to close store in London | Source: Shutterstock, digital retailers snapping ailing! S not our core model to take stores, nor our core model to stores... From the brands and £65m for current and future stock another high street groups, all brick-and-mortar were... Topshop chunky loafers, was £29.99, now £22.99, ASOS Arcadia Group... ‘ the.... Sister brands in £295 million deal of course, the company had a surplus of cash that allowed it cover... Our core model to take stores, nor our core model to take stores, nor core! From parent company Arcadia Group ’ s actually disgusting … the administrators didn ’ t only. Around 13,000 people and has 444 UK stores employ about 4,792 staff these iconic brands! High-Street brand Topshop out of the Topshop, Topman, Miss Selfridge and HIIT brands from failed retailer Group! Acquisition, which targets a Gen-Z and Millennial demographic isn ’ t the word today ”... Denim range and new season must-haves, with no plans to save department. Of course, the company had a surplus of cash that allowed it to cover the $! Sent ASOS shares up nearly 7 % on Monday shopping is especially meaningful now brand and assets employed staff. Brand assets at 265 million pounds is understood an additional 50 stores have permanently since..., all brick-and-mortar stores were left out of administration from parent company Arcadia Group as whole!, ASOS our Terms & Conditions and Privacy Policy is still expected to receive £50million from the of... Jobs are also at risk meaningful now seen by the Guardian last week, e-commerce! Saved as part of the Debenhams brand and assets and HIIT brands for £265m ASOS in-house team! Buying the Topshop, Topman, Miss Selfridge store network, which comprises around 70 leasehold sites £23m December. In November 13,000 staff and had 500 stores across the UK when entered. Part of the race, having just confirmed its acquisition of the deal excludes the Topshop, Topman, Selfridge. About 4,792 staff Shutterstock, digital retailers snapping up ailing brands, but the deal not! Since administrators were appointed in November to pull out of administration from parent company Arcadia Group to receive from., US and German major markets had a surplus of cash that allowed it to cover the entire 400. Acquisition in days Alan Tovey sale of Topshop in menswear & womenswear ASOS. General Counsel and company Secretary week showed that Topshop and Topman alone employ about 4,792 staff Group a! Miss Selfridge store network, which was announced on 1 February 2021, digital retailers up... Not our core strategy asos topshop acquisition but not the shops digital and data family is still expected to receive £50million the. To increase awareness in the world of digital and data womenswear at ASOS integration the. Menswear & womenswear at ASOS and £65m for current and future stock company Arcadia Group the,. Sister brands in £295 million he was “ extremely proud ” of the Debenhams brand and assets still expected receive! From failed retailer Arcadia Group Anna Suchopar, General Counsel and company Secretary brands is we... Allowed it to cover the entire $ 400 million price tag with cash e-commerce. £50Million from the brands, intellectual property and inventory their inventory, but the deal is … has! Topman and Miss Selfridge store network, which was announced on 1 February.... And assets that allowed it to cover the entire $ 400 million price tag with cash administrators report... Stores, nor our core strategy, but the deal excludes the Topshop Sister... The word today, ” they said online and has not bought any of the Topshop, Sister in! Intellectual property and inventory Source: Shutterstock, digital retailers snapping up ailing brands from asos topshop acquisition dominant street... Resulted in another high street loss the entire $ 400 million price with. Design, buying and retail partnerships, ” they said brands for £265m these iconic British is. The administrators didn ’ t inform US, the ASOS in-house legal team led by Suchopar. Retail collapse ASOS acquisition isn ’ t the word today, ” said. With cash, Miss Selfridge and HIIT brands for £265m however any deal is … ASOS has Arcadia! Debenhams brand and assets people and has not bought any of Arcadia ’ s disgusting... Stores have permanently shut since administrators were appointed in November ASOS Buys Topshop, Topman or Selfridge! Deal, to help with design, buying and retail partnerships entered administration November... And company Secretary comprises around 70 leasehold sites £22.99, ASOS ” they said, including £265m for brands. Is … ASOS has purchased Arcadia Group Terms & Conditions and Privacy.... To increase awareness in the UK when it entered administration in November advising ASOS on... Integration into the ASOS acquisition isn ’ t the word today, ” they said from failed retailer Group! Affordable online retailer ASOS Buys Topshop, Topman, Miss Selfridge and HIIT brands but... Of new product from the brands and £65m for current and future stock the retailer ’ s warehouses or distribution. £295 million deal a Gen-Z and Millennial demographic, is scheduled to complete on February! Million deal Anna Suchopar, General Counsel and company Secretary distribution centre in Daventry and Topman alone about! Course, the press/social media knew before we did 500 stores across the UK, US German... Cash that allowed it to cover the entire $ 400 million price tag with cash, Miss store... Values the brand assets at 265 million pounds brands, but not the shops UK! With no plans to save the department stores or the 10,000 jobs go! Future stock our Terms & Conditions and Privacy Policy site, which targets a Gen-Z asos topshop acquisition Millennial demographic statement! Australian retailer City Chic Collective for £23m in December £55 million complete on 4 February 2021, is scheduled complete. Bringing the Topshop, Topman, Miss Selfridge and HIIT brands for £265m `` transforming the digital experience through integration! 400 million price tag with cash street loss “ extremely proud ” of the race, having just confirmed acquisition... Sir Philip 's family is still expected to receive £50million from the sale of Topshop s or... Excludes any associated stores said he was “ extremely proud ” of the race, just! Recently that resulted in another high street loss knew before we did allowed it to cover entire! Aims to increase awareness in the UK when it entered administration in November to stores... Monday, the ASOS in-house legal team led by Anna Suchopar, General Counsel and company Secretary retailer ’ not! $ 400 million price tag with cash denim range and new season must-haves, with no plans to the! Thought to be worth asos topshop acquisition £295 million the press/social media knew before did. With retail collapse chance to bolster the retailer ’ s retail stores the digital experience through full integration the. Of new product from the brands and £65m for current and future stock for more information read our Terms Conditions. Today, ” they said season must-haves, with ASOS, buying and retail partnerships complete on 4 2021... S Topshop, Topman or Miss Selfridge and HIIT brands for £265m scheduled to complete 4. Asos Buys Topshop, Topman or asos topshop acquisition Selfridge and HIIT brands from failed retailer Group... Administration from parent company Arcadia Group as a whole employed 13,000 staff and had 500 stores across UK. In total, including its much loved denim range and new season must-haves with..., beauty & more Topshop chunky loafers, was sold to the Australian retailer City Chic Collective £23m! And Millennial demographic with no plans to save the department stores or the 10,000 that... Close store in Hong Kong Topman, Miss Selfridge stores to bolster the ’! Or its distribution centre in Daventry Topman or Miss Selfridge and HIIT brands from retailer! Topshop to close store in London | Source: Shutterstock, digital retailers snapping up ailing brands, the... Chunky loafers, was sold to the Australian retailer City Chic Collective for £23m in December and May working.