Will ASOS Acquire Topshop? Here's What We Know

Cornelia Mascio
Gennaio 25, 2021

ASOS is not holding any talks about buying Topshop stores, Sky News said, citing unnamed insiders.

"Next announces that it has withdrawn from the process to acquire any, or all, of the Arcadia Group from the administrator, as our consortium has been unable to meet the price expectations of the vendor", the FTSE 100 company said.

ASOS has declined to comment regarding the sales - Arcadia group is following suit.

Similarly, Chinese e-commerce retailer, Shein, reportedly offered £300 million to buy the brand but may have also dropped out of the race.

Sir Philip Green is under pressure to use his own money to plug an estimated £350m hole in Arcadia's pension fund, which has about 10,000 members.

If a bid were successful, it would likely raise concerns over the future of Topshop's stores and possible redundancies for its thousands of staff. But it was also keen to acquire Arcadia's Miss Selfridge brand alongside Topshop and Topman, Sky said. The deal could be finalized by the end of the month, but a source told the news site discussions remain "fluid".

Arcadia is one of the UK's biggest corporate casualties of the COVID-19 pandemic. "It's a firm to be reckoned with", said one USA source.

The demise of the empire comes after the collapse of retailers such as Cath Kidston, Oasis and Warehouse and Debenhams.

Online fashion house ASOS pioneered the acquisition of Topshop, the hip British fashion brand, Sky News reported the Saturday.

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