Online fashion house ASOS (London) might acquire British fashion brand Topshop (London), reports Sky News. ASOS is seeking to buy the brand for more than $342 million, and the deal could be finalized by the end of the month.
Part of Philip Green’s Arcadia fashion group, Topshop collapsed into administration late last year, putting 13,000 jobs at risk. In May 2019, Topshop filed for bankruptcy in the U.S. and shut down all 11 stores. The retail group cut roughly 500 head office rules in July and furloughed its retail staff.
ASOS would acquire the Topshop brand but is not holding any talks about buying Topshop stores. ASOS is competing against several rivals, including China’s Shein (Shenzhen, China) fashion group and the American retailer Authentic Brands Group (New York).