Asos will not retain the retail chains of the acquired brands, which will be liquidated.
Major international fashion brands continue to lose ground under the crisis’s pressure. They are being taken over by online retailers, whose positions were strengthened during the pandemic.
Today it became known another major deal: British online clothing and cosmetics retailer Asos completed the purchase of several brands, including Topshop, from one of Britain’s largest retailers, Arcadia Group.
The transaction amounted to 265 million pounds sterling. Under the agreement, Asos will pay for the acquired assets in cash without attracting credit.
The deal included the world-famous brands Topshop, Topman, Miss Selfridge, and HIIT. As expected, Asos will not retain the acquired brands’ retail chains, which will eventually be liquidated.
In December 2020, Arcadia Group, owned by billionaire Philip Green, initiated bankruptcy proceedings. The company was placed under external management by Deloitte. Arcadia said that the pandemic caused the pandemic’s financial problems. The following restrictions made it almost impossible to maintain the retail business.
Photo credit: depositphotos.com.
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