ASOS, which sells its products solely online, hasn't bought the brands' physical stores, which will all shut, putting thousands of jobs at risk.
Making the four brands online-only aligns with the shift of fashion retail from brick-and-mortar stores to digital, which has accelerated during the pandemic. Topshop, Topman, Miss Selfridge, and HIIT generated approximately, ASOS said it bought the brands because they complement its existing portfolio and are established in the US and Germany, with around half of their 2020 sales coming from non-UK markets.
It also called the deal"financially attractive," noting that the four brands generated a combined £1 billion in revenues in 2019, though this fell to around £265 million in 2020. The purchase will bring around £20 million in one-off restructuring and transaction costs, ASOS said. The Arcadia Group, which also owns the Dorothy Perkins, Wallis, Evans, Burton, and Outfit brands, fell into administration in December, putting more than 13,000 jobs at risk. It is one of the UK's biggest corporate casualties of the COVID-19 pandemic so far.
Fashion ... for people with no style? Trends ... for people with no imagination? Labels ... for people who like boxes? Brands ... for people who don't have their own identity? Money ... for people who don't know what's worth valuing?
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