Online giant is in exclusive talks to acquire the Topshop, Topman, Miss Selfridge and HIIT brands.
ASOS has this morning (January 25) confirmed that it has entered into exclusive talks with the administrators of the Arcadia Group to acquire the Topshop, Topman, Miss Selfridge and HIIT brands.
In a statement to the Stock Market, the online fashion giant said it was “in exclusive discussions with the administrators of Arcadia over the acquisition of the Topshop, Topman, Miss Selfridge and HIIT brands. The Board believes this would represent a compelling opportunity to acquire strong brands that resonate well with its customer base.
“However, at this stage, there can be no certainty of a transaction and ASOS will keep shareholders updated as appropriate. Any acquisition would be funded from cash reserves.”
The Industry.Fashion reported that it is believed ASOS bid more than £250 million for Topshop.
Up until recently, Boohoo had been touted as the favourite to land the jewel in the Arcadia crown. However, it confirmed this morning it had acquired the Debenhams brand and its website – news which came as a surprise in many quarters.