ASOS launches a new campaign for the UK, US and Germany from Monday to mark a wider range of Topshop/Topman products available on site following its purchase of the two brands after the Arcadia failure.
Manchester-based Boohoo Group is seeking to expand its office presence in London following recent acquisitions of the online business of London-based Debenhams and Arcadia labels Dorothy Perkins, Wallis and Burton.
Boohoo has concluded a deal to buy the remaining Arcadia brands that hadn’t been take over by ASOS and City Chic. It’s paying £25.2m to acquire the three “British heritage brands” out of administration.
The sale of four Arcadia brands to ASOS on Monday was no surprise. But what was a surprise was that no mention whatsoever was made of the future of store jobs at the Topshop, Topman, Miss Selfridge and HIIT businesses.
The Arcadia collapse could leave the UK with a bill of hundred of millions of pounds, reports claim, while the Green family will be at the front of the queue to bank some of the brand sales' proceeds.
ASOS has bought Topshop, Topman, Miss Selfridge and HIIT and will move fast to integrate them into its set-up. It said it's an attractive opportunity and they saw fast sales growth on its platform in the latest period.
A very short statement from Boohoo Group on Friday confirmed that yes, it is interested in buying the remaining brands owned by failed Arcadia, a move that means the entire Arcadia empire going online-only.