Asos completes Topshop sale
Following the sale, Heartland, which is owned by Bestseller, now holds a 75% interest in stake in the brands for a total of ยฃ135m, and the remaining 25% stake will be owned by Asos
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 ยฃ135m, and the remaining 25% stake will be owned by Asos.
Heartland, a family business which operates an โextensiveโ wholesale and retail business with more than ยฃ4bn 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 ยฃ10m to ยฃ20m 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: โThere has been no material change affecting any matter contained in the announcement relating to the transaction released by the company on 5 September 2024.โ