2,500 jobs and high street stores at risk as Asos buys Topshop, Topman and Miss Selfridge
Asos has signed a multi million pound deal for the high street brands but will not take over the stores
Asos has signed a deal worth up to £295 million to save four brands from Philip Green’s collapsed Arcadia empire.
The online fashion retailer has confirmed it will acquire the stock and brands Topshop, Topman, HIIT and Miss Selfridge, which Asos believe will “resonate” with its target market.
Investors have said that around 300 employees will be taken on as part of the deal.
However, Asos will not take over any of the brands' stores, a move which is thought to put up to 2,500 jobs at risk.
The announcement comes after the Arcadia group went into administration in December last year, putting the future of the famous high-street brands and 13,000 jobs in jeopardy.
Asos chief executive Nick Beighton 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.”