Ecommerce News reports that online fashion retailer ASOS has required Topshop, Topman, Miss Selfridge and HIIT, all brands from Arcadia. This is a retail group that fell into administration at the end of last year. ASOS will take over the brands as well as the stock, but it will not take on the physical stores.
At the end of November 2020, Arcadia fell into administration. This was after struggling for years. According to retail experts, this was caused by an online proposition that was way behind that of competitors.
This acquisition represents a compelling strategic opportunity in support of the company's mission to become the number one destination for fashion loving 20-somethings worldwide. These are strong brands that resonate well with their core customer base. Brand equity is strongest in the UK and they have an established presence in both the US and Germany, two of ASOS' key strategic markets.
ASOS is paying €300 million for the brands and a further €34 million for the accompanying stock. "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," CEO Nick Beighton commented.
"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," he adds.
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