ASOS snaps up Topshop, Topman and Miss Selfridge brands

Asos, the online fashion retailer has bought the Topshop, Topman, Miss Selfridge, and HIR brands from failed retail group Arcadia in a deal worth £295mm and a further £30m for the stock acquiring the stock and the brands but not taking on the stores.

Nick Beighton, CEO of Asos said: “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. We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology, and logistics expertise, and working closely with key strategic retail partners in the Uk and around the world>”

Administrators for Arcadia confirmed the deal, saying about 300 people currently employed by the brands in design, buying, and retail partnerships would transfer to Asos.

There are also 10, 000 members of the Arcadia pension scheme who face a possible hit to their retirement benefits. The scheme has an estimated deficit of £350m and is being assessed by the Pension Protection Fund, the government-backed lifeboat scheme for orphan pension plans.

Other brands in Arcadia have not yet been sold are Dorothy Perkins, Wallis, and Burton.

Evans was bought by Australia’s City Chic in December for £23m.

Boohoo sealed a deal to buy the Debenhams brand and website for £55m.