ASOS confirms bid for Arcadia brands

ASOS has confirmed it is in discussions with the administrators of Arcadia over the buyout of TopShop, Topman, Miss Selfridge, and HITT brands.

The online fashion retailer said that the acquisition would represent a “compelling opportunity to acquire strong brands that resonate well with its customer base.”

But it made clear that at this stage there is no certainty of the transaction.

The company said that any acquisition would be funded from cash reserves.

ASOS is one of many retailers that have expressed interest in taking on some of the group’s brands.

On Thursday, British clothing, footwear, and homeware retailer Next confirmed it would be dropping out of the race to buy Arcadia.

In December Primark and Authentic Brands were listed as just two of 40 parties interesting in buying parts of the group.

More recently it’s been reported that Authentic Brands, the New York based brand management company which has Juicy Couture in its portfolio, has been in talks about a potential joint bid for the retail empire with JD Sports.

Billionaire Mike Ashley’s Frasers Group has also indicated that it is interested in buying some of Arcadia’s most iconic brands, including TopShop.

Arcadia plans to shut 31 of its stores in the next two weeks, leading to 714 job losses.

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