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Topshop could return to high street after Asos sells stake
The Guardian
|September 06, 2024
Topshop and Topman could return to the high street after Asos handed control of the fashion brand to the billionaire behind Vero Moda and Jack & Jones in a £135m deal.
The online fashion retailer said it had sold a 75% stake in Topshop, the group it bought just over three years ago for £330m, to Heartland, an arm of Bestseller, the Danish fashion business controlled by the major Asos shareholder Anders Povlsen.
The deal will help Asos repay debts, as it said sales continued to slide by more than the 15% it had already told the City to expect - amid a soggy summer and consumer caution in the light of high energy bills.
Povlsen, a Danish billionaire who is Scotland's biggest landowner, already owns brands including Jack & Jones and Vero Moda through his Bestseller business.
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