Asos is offloading 75 per cent of its stake in the Topshop and Topman brands, in a deal which values them at £180m and could see the fashion retailer make its way back onto British high streets.
The online fashion retailer said on Thursday (September 5) that it will sell three-quarters of its ownership in the brands to Danish firm Heartland by forming a 75:25 joint venture with the Nordic company.
Heartland is the holding company of Danish billionaire Anders Holch Povlsen, and also owns clothing retailer Bestseller, which runs 2,800 retail stores across 30 countries. It holds a significant stake in Asos.
Topshop has not operated physical shops since they came under the Asos umbrella several years ago.
Chief executive José Antonio Ramos Calamonte said the move will help “accelerate our strategy to both offer customers the best and most relevant product and to turn Asos into a company that delivers sustainable, profitable growth”.
But now the move has left fans wondering if we could see a return of the popular retailer to British high streets. Here is what we know.
Who owns Topshop and Topman?
Asos handed control of the fashion brand to the billionaire behind Vero Moda and Jack & Jones in a £135m deal.
It had sold a 75 per cent stake to Heartland, an arm of Bestseller, the Danish fashion business controlled by the major Asos shareholder Anders Povlsen.
Povlsen, a Danish billionaire who is Scotland’s biggest landowner, already owns brands including Jack & Jones and Vero Moda through his Bestseller business.
Topshop, which had 70 stores including a flagship site on London’s Oxford Street, fell into administration in late 2020 as part of the collapse of Sir Philip Green’s Arcadia empire.
Will Topshop and Topman reopen?
Topshop and Topman could be set for a high street comeback but no official decision has been made public as yet.
Asos boss Calamonte has not dismissed the idea, and has hinted we could see a return to physical outlets as well as an online revival.
He said: "We will consider it for sure but we have no specific agreement to open a certain number."
When did Topshop close on Oxford Street?
Topshop’s flagship store was in the centre of London in Oxford Street, located right by Oxford Circus station. Prior to lockdown, the 100,000sq ft store welcomed 400,000 customers through its doors each week but the fashion chain left the huge shop vacant afters its parent company, Arcadia, went into administration in late 2020.
