Affordable online retailer Asos has bought Topshop in a deal thought to be worth about £295 million. The website has acquired the stock and brands of Topshop, Topman and Miss Selfridge, but it will not be taking on the stores.
Topshop went into administration last November after facing an incredibly tough year of retail due to the Covid-19 pandemic, which came just months after the former high-street giant had to be saved by a last-minute rescue deal in June 2019 after disappointing sales.
"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," Asos chief executive Nick Beighton said in a press release.
"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."
Although it can be seen as a positive development that a deal has been reached for Topshop, this will still put thousands of jobs at risk with all of the stores shutting. At least 300 people who work on the design teams will be moving across to Asos, the BBC reports, however there has been no mention of whether any of the remaining 2,500 members of store staff will be able to hold onto their jobs.
Asos is not the first affordable retailer to buy up a former piece of the British high street. Just last month, Boohoo acquired Debenhams for £55 million, taking just the brand and website, and also choosing to shutter the physical stores.
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