Shein reportedly interested in acquiring Topshop from beleaguered Asos

Shein has reportedly revived its interest in acquiring former high street mainstay Topshop.

According to The Times, Topshop owner Asos is said to be facing “non-stop interest” from high-profile retail companies including the Chinese-founded Shein and Authentic Brands Group (ABG) which owns brands including Forever 21, Reebok and Ted Baker.

PrettyLittleThing founder Umar Kamani was also said to be interested in acquiring the brand last year.

Asos acquired Topshop in 2021 for £330 million from Arcadia Group, but is looking to reduce its growing losses and cut debts.

The online fashion retailer which boomed during the height of the Covid-19 pandemic, has struggled in recent years to contend with the rise of ultra-fast fashion brands like Shein and Temu. This week, the company reported an 18 per cent drop in sales year-over-year for the first quarter of the year, contributing to an underlying pre-tax loss of £120 million – up from £87.4 million in the same quarter of the previous year.

The company’s chief exec José Antonio Ramos Calamonte said that Asos would take “necessary actions” to turn around its fortunes. He specifically praised the performance of Topshop, noting that he was “very, very happy” with the brand that was “still outperforming the average overall brand” at the company.

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