Shein is understood to have rekindled interest in Asos-owned Topshop alongside ABG, The Times reports.

Topshop Manchester 2020

Collapsed Topshop could be bought and resurrected by Shein

Asos is believed to have received “non-stop interest” for the ex-Arcadia brand from a range of high-profile retailers, including the China-founded fashion giant Shein, and Authentic Brands Group (ABG), owner of Ted Baker which is now in administration.

The pureplay fashion retailer bought Topshop and its sister brands Topman and Miss Selfridge for £330m when Arcadia Group collapsed in 2021. 

Disposing of Topshop was reported to be one of the options being considered by Asos chief executive José Antonio Ramos Calamonte as the retailer embarks on a turnaround strategy. 

Shein’s interest in Topshop comes as the fashion giant considers a possible listing in New York or London, following exponential growth in the last few years. Its profits have more than doubled, reaching $2bn (£1.6bn) in 2023 and gross merchandise value came in at $45bn (£36bn), the Financial Times reported. 

That is more than the net profits generated by competitors such as H&M and Primark, though behind those made by Spanish powerhouse Inditex, which owns chains including Zara.

Shein’s ultra-low prices and plethora of styles have proved popular with younger shoppers, though it has also been embroiled in controversies over issues such as sustainability and ethics.