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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 โ€œextensiveโ€ 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: โ€œThere 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€

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