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LONDON – Online fashion brand Asos has purchased the Topshop, Topman, Miss Selfridge and HIIT brands from retail group Arcadia for £295m. The deal follows the move last week by online fashion retailer Boohoo to purchase the Debenhams brand and website for £55m.

Just like Boohoo, Asos is acquiring the stock and the brand but it is not taking on the stores, meaning that thousands of jobs will likely go in both cases. This is, arguably, the most sweeping change to the UK high street in a generation, with the coronavirus pandemic having hastened a shift to online purchasing.

Asos is paying £265m for the brands and a further £30m for the stock.

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