Can Topshop regain its past heights with John Lewis tie-up?

It marks the first major brick-and-mortar return for the fashion brand in five years, after it was scooped out of administration by online giant Asos in 2021.

Topshop first began teasing its return to physical retail at the start of last year with a series of cryptic social posts and even going so far as to recruit mayor of London Sadiq Khan to fuel speculation.

It’s undoubtedly been a big year for Topshop, leaning into nostalgia and making bold marketing statements for its big brand revival. But can the much-loved fashion brand return to its past heights under its John Lewis tie-up – or has its comeback gotten lost in translation?

Back on the high street

Topshop had been laying relatively low in recent years. While it may not have had much physical presence, the brand was among Asos’ best-selling brands. 

It wasn’t until Asos sold a 75% stake in the fashion label to Bestseller holding company Heartland in September 2024, that Topshop started to receive some real investment.

A return to the high street was always on the cards for the iconic fashion label as Topshop’s new owners sought to restore its position at the forefront of British style.

However, the brand, which at its peak had almost 200 stores in the UK, has launched a far more concentrated version of its retail network. Topshop has concessions inside 32 John Lewis stores across the UK, while Topman is available in just seven locations. 

Retail analyst Paul Brooks says the more concentrated return feels “strategically mature”.

“In today’s market, scale is about distribution architecture rather than lease count. This approach suggests a brand prioritising precision over footprint. I’ve always admired Topshop’s cultural instinct at its best, its ability to sit close to the pace of fashion. 

“The current strategy feels more disciplined and considered.”

Topshop’s grand reveal of its UK stockist at the end of August following months of speculation certainly raised a few eyebrows at the time. 

For Topshop, its new partner is a strategic introduction to the high street and cements its status as a trusted, iconic British brand. For John Lewis, it fits in perfectly with its fashion-forward strategy and its quest to attract a younger, more stylish consumer.

It’s worth noting that the 130-piece collection of Topshop’s most in-demand items across women’s, men’s and footwear sold via John Lewis stores and its website has been selected by the department store.

Retail analyst Maureen Hinton says this means that Topshop’s presence in the high street retailer will have been curated for the John Lewis customer, who is slightly older and more upmarket than the brand’s original 18 to 30-year-old range it was attracting in its hey day.

“It is a good move, but it’s more of aiming at those with a memory of Topshop, rather than getting a new younger audience in to see it. I know the idea is to attract a younger shopper, but I just wonder whether they would really want to go into John Lewis,” says Hinton.

GlobalData apparel analyst Chloe Tedford-Jones agrees, adding there’s a “slight mismatch” between the two retailers. 

“Topshop is targeting millennials and older Gen Z, while John Lewis’ core audience is older. It works for awareness, but engaging campaigns will be needed to connect with the intended demographic,” she says.

The fashion label teamed up with John Lewis to launch a series of Christmas pop-ups across a small selection of stores, which saw Topshop host weekly DJ sessions at the Oxford Street location in the run up to the holidays.

It’s not just the UK that Topshop has been restoring its physical retail presence in, with the brand now stocked across international department stores in countries such as Ireland, France, Denmark and Australia.

The move towards a wholesale model is a smart commercial move and strips out a lot of the financial complexities of brick-and-mortar retailing.

Though Topshop will have to work slightly harder to drive its customers into the department stores and avoid becoming a label one purchases because they’re in the store.

The revival strategy

Topshop managing director Michelle Wilson said last year that the brand’s new wholesale partner would “surprise a few people”. That, it did.

If the John Lewis announcement had raised a few eyebrows, its launch in luxury department store Liberty over autumn certainly left many baffled and asking who Topshop was targeting?

The fashion brand’s marketing strategy in the months prior had leant into the nostalgia, bringing back British model Cara Delevingne as the face of the new Topshop, relaunching its iconic denim silhouettes and teasing a return to the same street of its former flagship store on London’s Oxford Street.

Hinton notes there’s a lot of brand loyalty for Topshop “but it’s more about how you remember it, rather than how it is”.

“[The brand is] targeting the grown up Topshop shopper who would remember it, whereas the younger age groups have sort of moved on and don’t remember it.”

That’s not necessarily a bad thing. Topshop has elevated its image in the last 12 months, becoming something “much more in line with Zara with price points and the look of it,” says Hinton.

She notes that partnerships like the ones with Liberty and luxury French department store Printemps show Topshop is aiming at a more affluent customer, certainly within the offline space.

Brooks adds Topshop’s considered approach to brick-and-mortar retailing is about “reasserting credibility, not simply chasing volume”.

It’s unlikely the smaller retail footprint will help the brand reach its previous market dominance quickly, but Tedford-Jones notes Topshop has proven in the past 12 months that it can rebuild relevance through “leveraging nostalgia, selective partnerships and curated product offerings”.

“Strong marketing, impactful collaborations, and eventual standalone stores will be key to re-establishing the brand’s identity and attracting both loyal and new customers,” she adds.

For now, it seems that Topshop’s comeback has only just begun.