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Online fashion retailer Asos has completed the sale of Topshop and Topman brands to a joint venture led by Heartland for an undisclosed sum.
The news comes after Asos announced its plans to offload the brands on 5 September 2024, amid a refinancing of the business.
Following the sale, Heartland, which is owned by Bestseller, now holds a 75% stake in the brands for a total of £135m, and the remaining 25% stake will be owned by Asos.
Heartland, a family business which operates an “extensive” wholesale and retail business with more than £4bn sales across its channels, including 2,800 retail stores in over 30 countries.
According to the announcement made on 5 September 2024, Asos said the deal will allow it certain design and distribution rights for the brands in return for a royalty fee to enable it to continue marketing and selling the brands online.
It also stated that the move is expected to have a £10m to £20m negative impact on EBITDA for FY25 yet will be “increasingly EBITDA accretive over time”.
Topshop.com is also set to re-launch after the deal is complete.
Asos added: “There has been no material change affecting any matter contained in the announcement relating to the transaction released by the company on 5 September 2024.”
