Online fashion retailer Asos is in ‘exclusive’ talks to buy a number of the UK’s best-known high street brands including Topshop, Topman and Miss Selfridge out of administration.
The news renews fears for the future of most of TopShop’s workforce, given ASOS’s status as a pure-play digital retailer. It is believed that the talks don’t include the physical locations, but Asos are keen to acquire Arcadia’s Miss Selfridge brand alongside TopShop and TopMan.
Asos said it was “a compelling opportunity” to buy “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,” it added.
Previously, a consortium including fashion chain Next dropped its bid to buy Topshop and Topman because it could not meet the price tag. Interest has been shown from in some or all of Arcadia from Mike Ashley’s Frasers Group, a consortium including JD Sports, and the online retailer Boohoo.