ASOS clothing retailer buys Topshop and Miss Selfridge | right Now

ASOS clothing retailer buys Topshop and Miss Selfridge |  right Now

British clothing maker ASOS announced today that it will be purchased by clothing brands Topshop, Miss Selfridge, Tubman and HIIT. ASOS pays £ 265m (around € 300m) to buy the brands. Stores and employees are not moving to new owners, putting thousands of jobs at risk.

The four brands are still owned by the British Arcadia Group. This company is struggling financially and filed for a repayment delay two months ago. Competitor ASOS has now secured the four brands.

Brands are particularly strongly represented in the United Kingdom. The brands are also present in two other markets of interest to ASOS, namely Germany and the United States. Just like in the Netherlands, including the Topshop on Kalverstraat in Amsterdam.

The Topshop, Tubman and Miss Selfridge brands suffered a combined loss before tax of £ 1.8 million in the previous fiscal year, ending on August 29, 2020. The loss on HIIT was estimated at £ 0.4 million.

ASOS believes that the acquired brands are a good addition to the company’s existing operations. The concern wants to be the number 1 clothing company for people in their twenties.

READ  Stock futures increase as Wall Road tries to construct on profitable week

Leave a Reply

Your email address will not be published. Required fields are marked *