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ASOS emerge as the surprise frontrunner in buying Topshop and Topman

23 January 2021

ASOS emerge as the surprise frontrunner in buying Topshop and Topman

23 January 2021

Online fashion retailer, ASOS, has been uncovered as the surprise frontrunner in buying Topshop from administrators of retail tycoon, Sir Philip Green's former high street empire.

It is heard that ASOS offered to buy the brand for more than £250m and although insiders say no talks are heard on ASOS buying Topshop stores, it is thought it is keen to acquire Miss Selfridge alongside Topshop and Topman.

21 January 2021

A consortium involving Next and Davidson Kempner Capital Management has removed itself from the auction of Topshop and Topman.

This comes as it fails to match the value of the rival bids.

The consortiums withdrawal clears the path for Shein, the Chinese online fashion retailer, to buy the brands. It is heard Shein have offered over £300m for both Topshop and Topman.

Other bidders include Boohoo, Asos and Authentic Brands Group, which is working with JD Sports Fashion.

13 January 2021

It is heard that Authentic Brands are in early-stage discussions with JD Sports about joining up to become a powerful contender in the running to buy Topshop’s operations, from the administrators of Arcadia Group, so long its bid is successful.

Authentic also own Forever 21 and Barneys – the famous New York department store.

Sir Philip Greens collapsed Arcadia Group is being handled by administrators Deloitte who are trying to secure deals for as many of the groups assets as possible in the coming weeks.

So far, we have heard of bids from Boohoo Group, Mike Ashley’s Frasers Group and a combined offer from Next and Davidson Kempner Capital Management, thought to be so far the leading offer.

Womenswear brand Evans has been sold to City Chic, with other parties eyeing up other brands of the group including Miss Selfridge and Dorothy Perkins. It is thought that Evans, Wallis and Outfit are seeming less likely to attract bidders.

Categories: Retail, CVA, Administration, What is a CVA or Company voluntary arrangement?, What is administration

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