Feb 1, 2021
Asos to buy Topshop and other Arcadia brands for £265m
Asos confirmed on Monday that it will acquire the Topshop, Topman, Miss Selfridge and HIIT brands for £265m plus £30m worth of inventory as it looks to accelerate sales of third-party brands on its marketplace. Asos said there would be about £20m of start-up costs in the current financial year, but that it expected the brands to generate a "Double-digit" return on capital in the year to August 2022. "We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands," said Nick Beighton, Asos chief executive. "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." The transaction, which should be completed this week, follows the sale of Evans to City Chic in December for £23m. Boohoo is in discussions over the remaining brands in the Arcadia stable - Burton, Dorothy Perkins and Wallis.
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