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01 Feb 2021 | 07:02

Asos buys Topshop, Topman, Miss Selfridge for £330m

(Sharecast News) - Online fashion retailer Asos has bought four brands, including Topshop, from the collapsed Arcadia group for £330m, administrators said on Monday. The deal includes Topshop, Topman, Miss Selfridge and HIIT brands to ASOS, but not physical stores, Deloitte said in a statement. ASOS will pay around £295m for the brands, goodwill and stock on hand, and also take on liabilities for forward committed stock orders.

Asos will acquire brands, intellectual property and inventory. In addition, around 300 staff across design, buying and retail partnerships will transfer.

The transaction excludes the 70 Topshop, Topman and Miss Selfridge stores and is expected to complete on February 4. Asos last week said any acquisition would be funded out of cash reserves.

Deloitte secured the sale of Evans to City Chic in December 2020 for £23m. Fast fashion retailer Boohoo is still in exclusive talks to buy Burton, Dorothy Perkins and Wallis from the remnants of disgraced tycoon Philip Green's empire.

The demise of Green's brands and high street chain Debenhams follows the failure of retailers such as Cath Kidston, Oasis and Warehouse during the past year. Boohoo last week snapped up the Debenhams brand and online business in a £55m deal.

Green bought Arcadia in 2002 for £850m, and in 2005 paid a £1.2bn dividend to its registered owner, his wife Christina.

Arcadia went into administration last November, hit by both changing shopping patterns and the Covid-19 pandemic. At the time of its collapse, it employed around 13,000 people and had 444 shops.

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