Topshop, Topman and Miss Selfridge brands bought in multi-million pound Asos deal but future of stores in doubt

Under the deal 300 jobs will be saved but the terms do include the brand's high street stores.

Topman and Topshop have stores in Trinity Walk, which are currently closed due to Covid rules.

Asos told investors on Monday morning that it will take on around 300 employees as part of the deal, which will not include any of the brands’ stores.

Arcadia collapsed into insolvency at the start of December after pandemic closures further exacerbated the group’s troubles.

Asos said its acquisition of the four brands will “resonate” with its core customer base of “20-somethings” in the UK.

It said it expects the deal to complete later this week, adding that it will also see £20 million worth of one-off restructuring and transaction costs.

Asos 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.

“We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.”