Asos has sealed the takeover of Topshop and three other brands from the collapse of the Arcadia group for £265 million.
Sir Philip Green’s retail empire fell into administration in November, threatening more than 13,000 jobs.
The deal for Arcadia’s Topshop, Topman, Miss Selfridge and HIIT brands, which will be fully funded from cash reserves, does not include its stores, casting doubt on thousands of jobs.
Asos is paying £265m for the brands and a further £65m for the current and pre-ordered stock.
Asos chief executive Nick Beighton said: ‘We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands.
‘The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy.
‘We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.’
This is a breaking news story, more to follow.