Asos in Talks to Buy Topshop From Philip Green’s Arcadia
(Bloomberg) -- Asos Plc said it’s in exclusive talks with administrators of Philip Green’s Arcadia Group Ltd. to buy the U.K. retailer’s Topshop brand and other labels.
The online clothing seller confirmed the talks after Sky News reported that it’s the frontrunner to buy Topshop from the insolvent Arcadia, which collapsed as coronavirus-related lockdowns compounded its woes. A price of more than 250 million pounds ($343 million) is being discussed, according to the report.
The talks also include the Topman, Miss Selfridge and HIIT brands, according to a statement. Any transaction would not include the Arcadia units’ stores, Sky reported.
Fashion retailer Next Plc and a range of other potential acquirers were previously reported to be interested in Topshop.
Any deal would be funded in cash, Asos said. There’s no certainty of a transaction, it added.
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