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1 February 2021, 12:52
Who owns ASOS and has the company bought Topshop?
It was recently announced that ASOS has signed a deal to buy Topshop and three other Arcadia brands.
The web retailer has said it will fully integrate the brands into its online sales platform, which it said would “resonate well with our core customer base”.
But what do we know about ASOS and the Topshop deal?
ASOS is a company in itself which was founded in 2000 in London.
It sells fashion, beauty and home products which are primarily aimed at young adults and sells over 850 brands as well as its own range of clothing.
ASOS ships to all 196 countries from centres in the UK, US and Europe.
The company's main headquarters are in Camden Town, at Greater London House with additional offices in Paris, New York, Berlin, and Birmingham.
It was announced this week that ASOS has bought the Topshop, Topman, Miss Selfridge from failed retail group Arcadia.
Sir Philip Green's Arcadia group went into administration in November last year, but in a deal worth £295m, ASOS is acquiring the stock and the brands.
It is paying £265m for the brands and a further £30m for the stock, but it is not taking on the stores.
Chief executive Nick Beighton said: "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.
"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."
Administrators for Arcadia confirmed the deal, saying it was expected to complete on 4 February.
They added around 300 people currently employed by the brands in design, buying and retail partnerships would transfer to ASOS, however there has been no word on what will happen to those working in stores across the country.
ASOS stands for As Seen On Screen, with the original tagline saying ‘Buy what you see on film and TV’.
That's because when ASOS first launched more than two decades ago, it was a celebrity-linked clothing website.