ASOS has announced it is paying a total of £330m for the Topshop, Topman, Miss Selfridge and HIIT brands, plus stock following the collapse of the Arcadia empire last year.

Around 300 employees will transfer to ASOS, but 70 stores, employing 2,500 people, are not included in the deal.

Chief executive Nick Beighton said: “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.”

ASOS said: “These are strong brands that resonate well with our core customer base.”

Chloe Collins, Senior Apparel Analyst at GlobalData, commented “ASOS is a complementary new owner for Topshop, Topman, Miss Selfridge and HIIT and will be able to give the brands the revival they desperately need. The brands are already popular sellers through ASOS’ third-party platform, with sales growing 41% in the four months to 31 December 2020, so there is strong customer overlap which should allow for a seamless transition. Though ASOS plans to retain some of Arcadia’s design and buying teams, the brands have undoubtedly lost their fashion authority in recent years, so support from ASOS, which is much more reactive to trends and relevant among younger consumers, should help steer them back in the right direction.

“In another bleak day for retail workers, the deal unsurprisingly does not include any of the Arcadia brands’ stores, and Topshop in particular will certainly be missed from high streets across the UK. However, as shoppers become ever more accustomed to purchasing online, ASOS’ digital prowess will aid the brands in gaining top of mind appeal, with full integration onto its own platform the best route to success as the brands’ own online offers have always been behind the competition. ASOS’ impressive global reach will also help the brands target new international shoppers, and its plans to boost Topshop’s partnership with Nordstrom will hopefully reignite US shoppers’ love for the brand following the closure of its physical stores there in 2019.”