ASOS considers sale of former high street fashion giant

30th October 2023 | Jack Oliver

ASOS is eyeing a potential sale of the Topshop brand as part of efforts to turnaround its struggling fortunes.

The online fashion retailer is said to be in the early stages of a sales process although it is unclear if any talks are currently underway, Sky News has reported.

A potential asking price for the brand is also currently unknown.

ASOS purchased the Topshop brand alongside Topman, Miss Selfridge, and HIIT in February 2021 in a deal which reached a value of £330m.

Other parties which lost out in this bidding process – including Ted Baker owner ABG and JD Sports – are likely to show an interest in any potential sale.

Frasers Group and Next are also expected to show an interest in the brand, with the two companies making a number of acquisitions over recent months.

A purchase of the Topshop brand could see it make its return to UK high streets after it fell into administration in 2020.

ASOS boss Jose Antonio Ramos Calomonte – who took over as chief executive last year – unveiled a 12-month turnaround plan in October 2022 with the aim of improving its performance and reducing costs. However, like many others, the retailer has struggled with soaring costs and inflation and has seen its share price plummet by 40% over the last year.

ASOS is set to publish its full-year results next week – following a delay to allow its auditor PwC to complete its “planned testing”.

Share

Looking for more retail news? you might find these interesting