LONDON, Jan 31 British online fashion retailer ASOS is on the verge of a deal to buy Topshop and Miss Selfridge from the administrators of British tycoon Philip Green’s Arcadia Group for almost £300 million pounds (RM1.6 billion), Sky News reported. ASOS could announce a deal as early as.
By Reuters Staff
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FILE PHOTO: A smartphone with the Boohoo logo displayed is seen on a keyboard in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration
(Reuters) - Britain s online fashion retailer Boohoo Group is in advanced talks to acquire clothing brands Burton, Dorothy Perkins and Wallis from the administrator to Philip Green s Arcadia Group, Sky News reported bit.ly/36i31ok on Thursday.
The deal is not certain to be agreed but could be announced as soon as next week if progress is made in the talks, the report added, citing people close to the proposed transaction.
January 25, 2021
Boohoo, an online fast-fashion retailer, today announced (pdf) it is buying Debenhams, a UK department store, in a £55 million ($75 million) cash deal. Boohoo will get Debenhams’ brands and any associated intellectual property. It will also allow Debenhams, which since 2020 has been in administration a rough British equivalent of bankruptcy to continue running its website until Boohoo can relaunch it. Not included in the purchase are Debenhams’ 118 stores, which are to permanently close.
It isn’t the only company on the hunt. Asos, another UK-based online fashion retailer, has emerged as the frontrunner to buy Topshop, Topman, and other brands being offered for sale by Philip Green’s Arcadia Group. In November, the group entered administration after the pandemic put pressure on a foundation that started to crack long before. Similar to Boohoo, Asos only wants the brands and not the stores, according to the BBC.
By Reuters Staff
(Adds Arcadia’s response)
Jan 23 (Reuters) - British online fashion retailer ASOS Plc has emerged as a surprise front-runner to buy the Topshop brand from the administrators of British tycoon Philip Green’s Arcadia Group, Sky News reported on Saturday.
ASOS is in the lead to buy the brand for more than 250 million pounds ($342.10 million), the report said. bit.ly/3990EGm
ASOS and Arcadia declined to comment.
Retailer Next Plc said on Thursday it had pulled out of the bidding as it was unable to meet the price expectations of the collapsed fashion chain.
ASOS is not holding any talks about buying Topshop stores, Sky News said, citing unnamed insiders. But it was also keen to acquire Arcadia’s Miss Selfridge brand alongside Topshop and Topman, Sky said.
Retailer Next said on Thursday it had pulled out of the bidding as it was unable to meet the price expectations of the collapsed fashion chain.
ASOS is not holding any talks about buying Topshop stores, Sky News said, citing unnamed insiders. But it was also keen to acquire Arcadia s Miss Selfridge brand alongside Topshop and Topman, Sky said.
ASOS is competing against rivals including Boohoo Group , US retailer Authentic Brands Group, which is working with JD Sports Fashion, and Chinese fashion group Shein, the report added.
Arcadia went into administration in November, putting more than 13,000 jobs at risk and becoming Britain s biggest corporate casualty of the Covid-19 pandemic.