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Shein is reportedly amongst a “number” of retailers still interested in acquiring the Topshop brand from Asos.
According to The Times, Asos has received “non-stop interest” from a range of high-profile retailers, including the fast-fashion giant.
Authentic Brands Group (ABG), which now owns Ted Baker and Forever 21, is also said to have shown interest in acquiring Topshop.
Reports that Shein was eyeing a Topshop takeover first emerged last year, after the fast-fashion retailer acquired Missguided from Frasers Group for an undisclosed amount.
It is understood that Asos had been mulling over potentially selling Topshop in a bid to shore up its balance sheet and reduce its debts.
The online retailer bought Topshop, as well as its sister brands Topman and Miss Selfridge, from Sir Philip Green’s defunct retail empire for £330m in 2021. It fended off competition from the likes of Next, the high street retail chain, and a reported interest from Frasers Group.
This week, it was reported that Asos saw its losses widen to £120m in the first half of the year, a 32.6% increase compared with the same period last year, as sales fell by 18% to £1.5bn over the period.
The dip in sales was attributed to planned discounting to clear old stock, a move that forms part of the group’s ongoing turnaround plan.
For the rest of the year, the brand said it expects a further decline of sales of 5% to 15% but a return to growth in the final quarter of FY24.
Asos declined to comment. Shein has been contacted for further comment.
