Online fashion retailer Asos recently bought the Topshop, Topman, Miss Selfridge and HIIT brands from Sir Philip Green's Arcadia group, which fell into administration last November, in a £295-million deal. Asos is acquiring the brands for £265 million and the stock by paying £30 million, but not the stores. The deal is likely to be completed on February 4.
"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,” Asos chief executive Nick Beighton said in a statement.Online fashion retailer Asos recently bought the Topshop, Topman, Miss Selfridge and HIIT brands from Sir Philip Green's Arcadia group, which fell into administration last November, in a £295-million deal. Asos is acquiring the brands for £265 million and the stock by paying £30 million, but not the stores. The deal is likely to be completed on February 4.#
Aabout 300 people currently employed by the brands in design, buying and retail partnerships would reportedly transfer to Asos. However, there was no news about staff working in the brands' store networks.
Asos said it had acquired ‘strong consumer-facing brands’ and saw ‘a significant opportunity’ to drive further growth for them globally. The brands would benefit from "investment into customer engagement and brand positioning in line with our existing model," it added.
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