Another one bites the dust for the high street, or make that at least 3. ASOS announced today that it has bought Topman, Topshop and Miss Selfridge from Arcadia Group in a deal reported to be worth £295M.
The deal does not include any shops or stores.
It seems like just yesterday I was writing about a high street buyout…It was actually last week. Boohoo bought Debenhams, and it was reported that ASOS were the front-runners in getting some or all of the Arcadia Group.
Today was the day, and three of the brands, Topman, Topshop and Miss Selfridge along with the HIIT brand are in the hands of ASOS.
That is £265M for the brands (i.e. the names) and a further £30M in stock.
ASOS confirmed the purchase on their public Twitter account.
The rumours are true… @Topshop & @Topman are now part of the ASOS family 💛
— ASOS (@ASOS) February 1, 2021
According to reports the deal would mean 300 current staff who work roles such as design and buying would be transferred over. But there’s 2,500 jobs at risk, since the deal does not include any physical stores.
In regards to other Arcadia brands, Boohoo are said to be front runners for Dorothy Perkins, Wallis and Burton.
If all deals go through and the brands are online only, it would be quite a seismic change to the high street. When you add up all of the brands, that would be 7 in total removed from the high street in around 2 weeks: Topman, Topshop, Miss Selfridge, Dorothy Perkins, Wallis, Burton and Debenhams.
[source]
About Michael
Michael Adams is the founder and editor of Michael 84, blogger from Newcastle, UK. Sharing men's fashion tips, style advice and lifestyle information for all guys.
