(Image Source: ASOS)
Multinationale retail group Arcadia went into administration by the end of last year after struggling with its sales for years. Arcadia brands were sold one by one to different retailers.
ASOS was the latest to make use of this opportunity, taking over 4 brands: Topshop, Topman, Miss Selfridge, and HIIT.
The 300 million euros deal bought ASOS control over 4 iconic British brands from Arcadia. They also paid an extra 34 million euros for the accompanying stock.
The acquisition is an exciting and huge moment for ASOS, according to the CEO, Nick Beighton. He believes that ASOS’s design, marketing, technology, and logistics expertise will be a great addition to the development of these brands. In fact, ASOS contributes greatly to the recent online growth of these brands.
“We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. 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.” – Nick Beighton, CEO of ASOS.
Other Arcadia’s brand: Evans was acquired by City Chic of Australia last December. Online fashion retailer Boohoo is keeping an eye on Dorothy Perkins, Wallis, and Burton.