As part of the contract with Arcadia, only 300 employees will be hired, which means 2500 jobs are at risk

Online fashion retailer Asos is the new owner of Topshop and other leading brands from Sir Philip Green’s Arcadia empire after a £ 330 million deal that puts thousands of jobs at risk

The deal also includes Topman, Miss Selfridge, and activewear brand HIIT, which went on sale following the Arcadia collapse last year

Asos, which only operates online, has not agreed to buy any of the brands 70 shops that will take over the jobs of 2500 shop workers at risk It is believed that since the administrators were appointed in November, another 50 stores have permanently closed. Warehouses and head offices are also at risk

As part of the Asos contract, only 300 employees will be saved at headquarters to help with design, purchase and retail partnerships

An administrator ???? Last week’s Guardian report showed that Topshop and Topman alone had around 4Employing 792 people The Arcadia Group employed a total of 13000 employees and had 500 branches across the UK when she joined the company in November

Asos paid a total of 330 million GBP, including 265 million GBP for the brands and 65 million GBP for current and future stocks

The deal does not include Arcadia warehouses or the Daventry distribution center Asos general manager Nick Beighton said the company already has its own “well-funded and developed storage strategy” and the Daventry site is not specifically designed to process online orders

Deloitte’s administrators asked Asos to consider keeping Topshop’s top flagship store on Oxford Street open, despite Beighton saying he was only interested in partnering with a third party rather than accepting the lease or to buy the site in full

“It’s not our core business opening model nor is it our core strategy, but never say never”Since we were given the opportunity, we said we’d take a look, but it’s not our top priority or focus right now he said

The online retailer, which confirmed last week that it is in exclusive negotiations with Arcadia administrators after the Guardian first revealed the talks, will complete the acquisition by Thursday

The changeover is expected to take place on Wednesday evening Customers are likely to be greeted with a webpage that redirects them to the Asos website, where the new brands are integrated into their own online platform

Beighton said he was “extremely proud” des Deal “The acquisition of these iconic British brands is an extremely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy”he said

â ???? We have been central to and will continue to develop online growth under our responsibility, leveraging our expertise in design, marketing, technology and logistics, and working closely with key strategic retail partners in the UK and around the worldâ ????

A report by the Deloitte administrators seen by the Guardian suggested that Green’s family was expected to receive £ 50 million from the sale, in connection with an interest-free loan they gave the group in 2019 at the time of an emergency reorganization More than 1However, 000 suppliers and landlords in the high street fashion chain receive less than 1% of the money they owe

In the meantime, affected workers spoke up on Twitter, saying they had worked for Topshop for two years, but it wasn’t until news reports on Monday that their manager heard that their jobs were at risk “It’s really disgusting” the administrators didn’t let us know, the press / social media knew before we did, disappointed is not the right word today They said

It’s really disgusting. I worked for Topshop for 2 years &, my own manager, found this out through Sky News as the administrators didn’t inform us The press / social media knew beforehand Disappointed is not the right word today

Asos is believed to have beaten other potential bidders, including Chinese fashion retailer Shein, Authentic Brands, the US owner of Barneys department store what was associated with a joint offer with JD Sports? and the billionaire brothers Issa, who announced in October that they would buy Asda for £ 6 billion

Online group Boohoo confirmed last week that it had started exclusive talks to buy the last three Arcadia brands: Wallis, Dorothy Perkins and Burton Evans, its plus-size clothing brand, was on sale in December for £ 23 million sells the Australian retailer City Chic Collective

Topshop

World News – UK – Asos buys Topshop and Miss Selfridge brands for £ 330 million

Source: https://www.theguardian.com/business/2021/feb/01/asos-buys-topshop-topman-miss-selfridge-arcadia