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Asos to buy Topshop and Miss Selfridge on Monday

// Asos on the brink of buying Topshop and Miss Selfridge
// The deal, which amounts to £300m, could be announced as soon as Monday
// Asos hopes to sign an agreement with Arcadia Group’s administrators ahead of a stock exchange announcement

Asos is reportedly on the verge of sealing a £300 million deal to buy Topshop and Miss Selfridge from Sir Philip Green’s Arcadia Group.

The purchase could be confirmed as soon as Monday, Sky News reported.

The online fashion retailer hopes to sign an agreement with Arcadia Group’s administrators ahead of a stock exchange announcement.

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The takeover of Topshop would cost Asos around £250 million, with the cost of stock adding roughly £40 million to the purchase price.

Asos recently confirmed that it was in line to buy some of Arcadia’s brands.

Arcadia fell into administration in November, putting 13,000 jobs at risk.

Asos does not have a high street presence, prompting speculation that any deal is unlikely to include saving Arcadia’s vast store estate, leaving the brands trading online only.

In addition, Asos already sells Topshop items on its ecommerce platform.

Meanwhile, fellow online fashion retailer Boohoo confirmed on Friday that it was in exclusive talks to buy the Burton, Dorothy Perkins and Wallis brands from Arcadia’s administrator Deloitte, for just over £25 million.

Boohoo recently bought the Debenhams brand and website – but not its 118 stores.

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The post Asos to buy Topshop and Miss Selfridge on Monday appeared first on Retail Gazette.



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