Online fashion retail giant Asos have acquired the Topshop, Topman, Miss Selfridge and HIIT brands from the Arcadia group in a deal worth £295million.
The London based company will pay £265 million for the brands, plus a further £30 million for current and pre-ordered stock, with plans to accelerate sales of third-party brands on its marketplace.
The transaction is expected to save around 300 jobs as employees across design, buying and retail partnerships will be transferred to Asos, but does not include the group’s 70 high street stores.
In a statement announcing the news, Asos chief executive Nick Beighton said: “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.”
“We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.”
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