LONDON – Online fashion seller ASOS has bought Topshop, which once boasted designs by Kate Moss and Beyonce, along with three other brands for 265 million pounds ($363 million) as rivals scoop up bargains after the collapse of Britain’s Arcadia retail group.
The deal, announced Monday, puts thousands of jobs at risk because Asos acquired the Topshop, Topman, Miss Selfridge’s and HIIT brands but none of their stores.
ASOS said it plans to keep only about 300 of the brands’ employees. In addition to the purchase price, ASOS will pay 30 million pounds for pre-ordered stock.
Arcadia, built by controversial retail tycoon Philip Green, went into bankruptcy on Nov. 30 as the COVID-19 pandemic closed stores and accelerated the shift to online