It has been reported that famed online fashion retailer, ASOS have bought the Topshop brands, including Topman and Miss Selfridge in a deal with Arcadia group worth over €330M.
As a result, all Topshop stores are to remain closed, in favour of an online shopping experience.
This news comes just after Arcadia group fell into administration this past November due to a severe fall in sales throughout the Covid-19 pandemic, meaning thousands of store workers were left jobless.
However, this new deal with ASOS means that approximately 300 jobs will be saved, the company has confirmed.
According to ASOS chief executive Nick Beighton, “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,” Beighton explained.
This new business endeavour comes just one week after it was revealed that another online fashion retailer, Boohoo would be acquiring Debenhams in a deal worth £55M, again moving their stores online instead of on the high-street.