Topshop is one of the Arcadia brands bought by online giant Asos – and does not intend to keep stores open, with perhaps one exception

Thousands of jobs are at risk with online clothing giant Asos buying four brands from the collapsed Arcadia group

The fast fashion retailer that takes care of 20 shoppers bought Topshop, Topman, Miss Selfridge and HIIT for £ 265 million

Asos has confirmed that it has no intention of keeping any of the stores open, putting thousands of jobs at risk

Nick Beighton, Asos’ chief executive officer, said the company is looking into keeping the business

He admitted that the move is “not a priority” and Asos is “not a physical store”, but that he is in some way weighing the benefits of moving from the central London location

Asos said its £ 265 million deal to purchase the Topshop, Topman, Miss Selfridge and HIIT brands from the administrators of Arcadia at Deloitte would not include deals

After the Arcadia collapse in December, KPMG was separately hired as administrator for the 214 Oxford Street building, which also houses Nike and Vans stores

Administrators said prior to the lockdown, which closed all non-essential retail stores, the 100th000 square meters of land every week 400000 customers welcomed through its doors

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Mr. Beighton said Asos will be discussing the possibility of partnering with a third party to rent the Topshop store in the building, but has no intention of purchasing it directly

The store, which had a DJ booth, a nail bar and food stalls, was a sensation in the retail sector when it opened in 1994

Guy Elliott, senior vice president, retail and retail analyst for consulting firm Publicis Sapient, said keeping the Oxford Circus business would add to brand awareness

Mr. Elliott said, “ASOS ‘acquisition of the Arcadia brands Topshop, Topman and Miss Selfridge is a quick move towards” cheap “acquiring some valuable consumer and branded assets

“ASOS appears to be building its” private label “portfolio so that its products are more balanced between its own ASOS brand and that of a third party, which makes sense

“However, I find it disappointing and a little short-sighted that they don’t run any of the branded stores, which feels like a bad long-term decision to me. Although I think that way, initially they don’t assume any of those debts / costs and could run the store infrastructure too rebuild at a later point in time, let’s hope ”

Boohoo is still in talks to buy Dorothy Perkins, Wallis and Burton brands from Arcadia administrators, if successful, the deal would be the second attack by the Manchester online retailer on UK Main Street after taking over Debenhams last month

Topshop

World News – GB – What the Asos buyout means for Topshop and Miss Selfridge

Source: https://www.business-live.co.uk/retail-consumer/what-asos-buyout-means-topshop-19746099