LONDON, Feb 1 — ASOS has bought the Topshop, Topman, Miss Selfridge and HIIT brands from the administrators of Philip Green’s collapsed Arcadia group for £265 million (RM1.47 billion), the British online fashion retailer said today.
The deal for Arcadia’s prized brands, which will be fully funded from cash reserves, does not include its stores, putting thousands of jobs at risk.
Green’s Arcadia empire fell into administration in November owing creditors hundreds of millions of pounds and threatening more than 13,000 jobs.
Its collapse was the biggest corporate failure of the Covid-19 pandemic so far.
“The acquisition of these iconic British brands is a hugely exciting moment for ASOS and our customers and will help accelerate our multi-brand platform strategy,” said ASOS Chief Executive Nick Beighton.
ASOS said incremental core earnings from the deal in its 2020-21 year would be offset by initial ramp-up costs.
There would also be additional one-off restructuring and transaction costs of about £20 million. — Reuters
