ASOS deal for Topshop, Miss Selfridge and co is imminent
ASOS is expected to announce the acquisition of Topshop and other Arcadia brands as soon as Monday with reports that the purchase price is almost £300 million.
It comes as the online pureplay moves to protect a valuable income stream with Topshop, Topman and co being key partner brands for the e-tailer that targets the 20-something market.
Sky News reported that a deal with Arcadia’s administrator could be signed late Sunday allowing the firm to make a stock exchange announcement of the purchase first thing on Monday morning.
The buy will also include Miss Selfridges and the smaller HIIT label with the price for all four to include £250 million to buy the brands themselves and around £40 million for the stock.
While the purchase would protect the future of the brands and place them in the hands of a company well able to rebuild them and recapture some of their former glory, it would also mark a sad day for the labels’ staff.
Before its administration filing, Arcadia employed around 13,000 people across its brands and — despite rumours that ASOS might try to continue to run the Topshop Oxford Circus flagship — all the other stores are likely to shut.
We may hear more of ASOS’s plans around the soon-to-be-fully-owned labels on Monday.
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