AN ICONIC British fashion chain could return to the high street if acquired by Ted Baker and Reebok owner.
It comes after it was reportedthat ASOS is exploring the potential to sell off its ownership of Topshop less than two years after it bought the brand.
A potential disposal of the brand is one of the options being examined by ASOS boss, Jose Antonio Ramos Calamont, to help shore up the company's ailing results, according to Sky News.
But fresh reports suggest that ASOS is now in formal talks to offload the brand to the owner of Ted Baker, Reebok and Forever 21, according to The Daily Telegraph.
Authentic Brands Group, founded by Canadian billionaire Jamie Salter, is plotting to acquire Topshop after a failed attempt to buy the business back in 2020.
And any potential takeover deal could mean that Topshop might make a surprise return to the high street just three years after all 300 stores closed overnight.
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However, any sale is not certain to proceed, and it remains unclear how much ASOS might raise from selling the brand.
Shoppers can continue to shop Topshop and Topman-labelled clothing online at ASOS as normal.
The Sun has reached out to Authentic Brands Group for comment but ASOS declined to respond our request for comment.
ASOS which has seen its shares plunge by 40% over the last year, bought Topshop, Topman, Miss Selfridge and HIIT brands in February 2021 after the collapse of Philip Green's Arcadia Group.
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It paid £330million for the brands but the deal didn't include the physical shops, which meant 2,500 retail staff faced redundancy.
Arcadia Group collapsed into administration on November 30, 2020, leaving roughly 13,000 people out of a job.
At the time, Sir Philip's stores were hit by fierce competition from online retailers ASOS and Boohoo.
The ASOS group boomed during the pandemic but overhauled its business model last October after an economic downturn and operational problems hammered its profits and its shares.
The online retailer said this week that it expected second-half adjusted earnings of more than £38 million after it postponed Wednesday's planned publication of its annual results until Nov. 1
Previous forecasts had projected half-year earnings at the "lower end of the guided range of £40 million and £60 million".
The plan of chief executive, Jose Antonio Ramos Calamonte is to prioritise profit over top-line growth.
He is reducing the amount of stock ASOS carries and refreshing ranges more quickly while cutting costs and improving its cash position.
ASOS is to shut its outlet department which stocks tens of thousands of third-party products at discounted rates.
The service was originally launched back in 2008 as a marketplace to sell end-of-season products with reductions of up to 70%.
But The Sun understands that the service will now close imminently.
ASOS was slammed by shoppers earlier this year when it increased the minimum spend at which ASOS premier customers qualify for free delivery.
ASOS premier customers now have to spend a minimum of £15 to qualify for free next-day delivery.
But if you do spend less than £15, you'll still get free standard delivery.
Shoppers can pay an annual subscription fee of £9.95 to get premier delivery.
Before the change, these customers had to spend a minimum of £10 to get free next-day delivery.
The fashion brand first launched in 2000 and it sold clothes worn on TV by celebrities and famous faces, giving shoppers the chance to wear the same or similar clothes as their idols.
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As the brand grew so did its offering and now as well as its own label products you can find a wide range of dresses, shoes, accessories, sportswear, haircare and cosmetics, to name a few.
We've spoken to shopping experts to find out the best things to buy from ASOS and what items to avoid.
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2023-10-29 09:58:08Z
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