British online fashion retailer ASOS is reportedly exploring the possibility of selling its Topshop brand, according to a report by Sky News.
ASOS acquired the Topshop brand in 2021, along with Topman, Miss Selfridge, and HIIT brands, for £ 265 million (US $ 321 million) from the administrators of Philip Green’s defunct Arcadia group.
It described the acquisition as a “strategically compelling opportunity to acquire strong, iconic fashion brands resonating with our core customer base.”
ASOS declined to provide any official statement on the matter. The company had recently postponed the release of its annual results until 1st November, citing the need for additional time as requested by its auditor, PwC (PricewaterhouseCoopers).
The group boomed during the pandemic but encountered significant hurdles in recent times, including financial losses, a sharp decline in its share price, and the need to secure new financing earlier this year.
