ASOS confirms talks to acquire Arcadia Group brands
Online fashion giant ASOS has confirmed it is in discussions with the administrators of retail firm Arcadia Group.
In a statement this morning, the company announced that it is currently in talks with administrators for the recently collapsed group to acquire Topshop, Topman, Miss Selfridge and Burton gym wear brand HIIT.
The news follows the collapse of the group last year - which was bought by retail tycoon Sir Philip Green in 2002 - after a slump in sales as a result of the disruption caused by the pandemic.
ASOS stated: “ASOS plc notes recent media speculation and confirms that it is in exclusive discussions with the Administrators of Arcadia over the acquisition of the Topshop, Topman, Miss Selfridge and HIIT brands.
“The board believes this would represent a compelling opportunity to acquire 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. Any acquisition would be funded from cash reserves.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning National email for free.