Asos considers sale of Topshop brand
Asos, which has seen its shares decline by 40% in the last year, initially bought the Topshop brand in 2021 for £265m
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British online fashion retailer Asos is considering the sale of Topshop after buying the brand less than three years ago, Sky News has reported.
The online giant is understood to be at the early stages of a process which could see it offload what was once one of the most popular fashion brands.
Asos, which has seen its shares decline by 40% in the last year, initially bought the Topshop brand as well as Topman, Miss Selfridge and HIIT in 2021 from the administrators of collapsed Arcadia Group for £265m.
Jose Antonio Ramos Calamonte, who took over as chief executive of Asos last year, is examining a potential disposal as one of the options. Last October, Calamonte unveiled a 12-month turnaround plan to sharpen the business’ operating performance and reduce costs.
According to Sky News, it is unclear who the potential buyers would be and how much Asos might raise from the sale. Some of the bidders interested include ABG, the owner of Ted Baker, JD Sports Fashion, and Frasers Group, which already is one of the biggest shareholders in Asos.
Asos is expected to share its full-year results on 1 November, one week later than previously announced, saying its auditor PwC needed more time to complete testing.
An Asos spokesperson said: “Asos as a policy does not comment on rumours or speculation.”
