British clothing giant Next, in partnership with US hedge fund Davidson Kempner, seems to be all set to buy the ailing brand Topshop.
Though several retail bigwigs like Frasers Group and Boohoo Group are also in the race to bid for the brand, Next is the one seen as a frontrunner.
Meanwhile, last week, Authentic Brands Group LLC had said that it was in discussion with JD Sports to bid jointly for Topshop. While the discussion is still in its initial stages, both are keen to buy Topshop operations from the administrators of Arcadia Group.
Next is one of those few British clothing retailers to have stayed optimistic all through the crisis. Earlier this month, it had predicted of its business returning to normalcy by July 2021.
Better prepared to face all pandemic-induced challenges now, Next could be the winner, but the race is not over until one crosses the line.
The bidding, reportedly, concludes today (18 January) and it will be soon clear who succeeds in acquiring Topshop.