Bleak future for 2,500 Topshop, Topman and Miss Selfridge workers as brands sold to ASOS

Business

ASOS has agreed to buy Topshop, Topman and Miss Selfridge – but their 70 stores, employing 2,500 people, are not included in the deal.

The online retailer is paying a total of £330m for the brands, plus stock currently held and on order, following the collapse late last year of Sir Philip Green’s Arcadia retail empire late last year.

Around 300 employees will transfer to the new owners but it spells a bleak future for those working in the stores, which are all expected to close permanently.

The transaction, which also includes leisurewear brand HIIT, is expected to complete later this week.

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

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.”

Shares of ASOS rose 2% on the announcement of the deal, which confirmed a story first reported by Sky News.

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