Bestseller acquires majority stake in Topshop - sportstextiles: Lea SportsTextiles

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Bestseller acquires majority stake in Topshop

09/09/2024
Online fashion seller ASOS has announced that it has sold a 75% stake in Topshop to Danish fashion group Bestseller, owned by Heartland, the investment arm of the Holch Povlsen family. The transaction will lead to a joint venture company between the two groups, and the acquisition sum of £135 million values Topshop at £180 million, according to the press release. ASOS had paid £265 million to buy the brand following the dismantling of Sir Philip Green’s Arcadia empire in 2021, as The Guardian reported.

Topshop joins the Danish group, which is said to have more than £4 billion in sales across its channels with some 2,800 retail stores across 30 countries.

The agreement stipulates that ASOS will retain certain design and distribution rights for the Topshop and Topman brands, in return for a royalty fee, and will continue to sell the two brands on its online platform.

“We are pleased to be making this announcement today which is an important step in ASOS’ continued transformation. The joint venture and the launch of the refinancing will 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,” stated ASOS CEO José Antonio Ramos Calamonte.

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