More big-name retail brands head online after deal
By Rob Freeman | 1st February 2021
Online retailer Asos has sealed a deal for the brands of several parts of the Arcadia Group - but around 2,500 jobs are at risk with stores not included.
Topshop, Topman, Miss Selfridges and HIIT are the brands purchased from the administrators with around 300 staff transferring to Asos.
The deal, which is expected to be completed later this week, is worth £265million for the brands, plus a further £30million for existing stock.
Asos chief executive Nick Beighton 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."
He said the purchase was part of a mission to make Asos the world's leading destination for "fashion-loving 20-somethings".
The Arcadia group entered into administration in November with around 13,000 jobs at risk.
Asos' online rivals Boohoo last week confirmed it was in "exclusive" talks with the Arcadia administrators to snap up the Dorothy Perkins, Wallis and Burton brands.
Like Boohoo's purchase of Debenhams, any deal will not include stores.
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