Asos Buys Topshop Brand for $405 Million, Plans Online Push
- E-commerce operators have been buying up renowned U.K. brands
- Stores will close as Asos’s focus is selling through website
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Asos Plc agreed to buy Topshop, one of Britain’s best-known apparel brands, and several other labels for 295 million pounds ($405 million), as online fashion retailers swoop in to purchase well-known retail names that are closing stores.
Arcadia Group, the insolvent retail empire of Philip Green, will sell the Topman, Miss Selfridge and HIIT brands to Asos in the all-cash transaction, according to a statement Monday. The purchase includes 30 million pounds of inventory. Asos shares rose as much as 4.6% in London.