Online fashion retailer Asos has confirmed the £265m acquisition of the Topshop, Topman, Miss Selfridge and HIIT brands from the stricken Arcadia group.
The company said it plans to “retain their established brand and customer positioning” but to strengthen them through “investment in customer engagement”.
Nick Beighton, CEO of Asos, 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."
The acquired brands will join Asos’ Venture Brands portfolio alongside Collusion, AsYou and Reclaimed Vintage.
Asos added: “This acquisition represents a compelling strategic opportunity in support of our mission to become the number one destination for fashion loving 20-somethings worldwide. These are strong brands that resonate well with our core customer base. Brand equity is strongest in the UK and they have an established presence in both the US and Germany, two of our key strategic markets.
“The brands we have acquired are strong consumer facing brands that have continued to grow through key channels and we see a significant opportunity to drive further growth for these brands globally. We will do so through applying our industry leading design talent and online retail experience. They will also benefit from investment into customer engagement and brand positioning in line with our existing model.
“Beyond this, we will work to maximise the opportunity for the brands global distribution. Our international warehouse infrastructure and localised online experiences will support continued growth through our own platform. In addition to this, there is significant scope for selective development of strategic retail partnerships. We see particular opportunity to increase the brands' reach and accelerate our US strategy via partnership with Nordstrom in this key market.
“We will work to integrate these brands into our business quickly. Our capacity to do so is supported by our ability to use our existing warehouse and technology infrastructure. In addition, we will transition c.300 employees across design, buying and retail partnerships. As part of the integration process, we will undertake a thorough review of the supply chain to ensure it complies with all our Fashion with Integrity principles."