ASOS buys Topshop, Topman and Miss Selfridge closing 70 shops forever with 2,200 jobs at risk

ASOS has bought Topshop, Topman, Miss Selfridge in a deal that will shut 70 shops forever and put 2,200 jobs at risk.

The deal, which is worth £295million and also includes HIIT, was confirmed in an announcement on the London Stock Exchange today.

The brands are owned by Sir Philip Green's Arcadia Group, which fell into administration in November 2020.

But the deal doesn't include the physical shops, and only 300 of the 2,500 staff that work across the ranges will move over to ASOS.

Nick Beighton, CEO of ASOS, said: "We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands.

"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."

More to follow…

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