Asos joins the Topshop race
Just last week a consortium led by Next CEO Simon Wolfson withdrew after it was unable to meet the price point required to purchase one of Philip Green's most desired brands
Asos has emerged as a contender to acquire Topshop, just days after highstreet retailer Next was forced to pull out of the race.
In an update to the London Stock Exchange, the digital fashion retailer confirmed that it was in “exclusive talks” with Arcadia administrators to purchase the Topshop, Topman, Miss Selfridge and HIIT brands.
Just last week a consortium led by Next CEO Simon Wolfson withdrew after it was unable to meet the rumored £250m price point required to purchase one of Philip Green’s most desired brands.
Despite already having a wholesale relationship with the Arcadia brand, Asos is facing competition from Authentic Brands; the US owner of department store brand Barneys, which has teamed up with JD sports and Shein; a Chinese fast fashion retailer.
Asos PLC said: “Asos plc notes recent media speculation and confirms that it is in exclusive discussions with the Administrators of Arcadia over the acquisition of the Topshop, Topman, Miss Selfridge and HIIT brands.
“The board believes this would represent a compelling opportunity to acquire strong brands that resonate well with its customer base. However, at this stage, there can be no certainty of a transaction and Asos will keep shareholders updated as appropriate. Any acquisition would be funded from cash reserves.”
