Young fashion brand Topshop/Topman was acquired by online fashion etailer Asos in February 2021, after parent group Arcadia went into administration in November 2020. Asos also bought fellow Arcadia brands Miss Selfridge and HIIT, in a £330m deal that covered £265m for the brands and £65m for current and future stock, funded by cash reserves.
Asos, which had been selling the brands on its website since 2019, said the purchase represented a “strategically compelling opportunity”, and it would use its “market-leading capabilities to drive growth globally and accelerate our Asos brands strategy”.
It added it would be working with “the best retail partners to accelerate global opportunities”, such as by extending an existing partnership with Nordstrom in the US.
Topshop and Topman website were closed down, with customers automatically redirected to Asos’ site. About 300 staff from Arcadia’s head office have been retained by Asos. Arcadia Group as a whole employed about 13,000 staff and had 500 stores across the UK when it entered administration. The deal did not include any of Arcadia’s warehouses or its distribution centre in Daventry, Asos said the brands would be assimilated into its already well established supply chain.
However, in late 2023, Sky News reported that Asos was in talks with Forever 21 and Ted Baker owner Authentic Brands Group to sell Topshop, followed by media reports about Chinese fast-fashion giant Shein formally registering its interest in making an offer for the brand.
Innovation rating: 3