News that ASOS CEO Nick Beighton has stepped down rather put the firm’s results statement in the shade. But there’s no denying the company remains one of the most successful in fashion retail, even if growth is slowing.
ASOS has formed a North American joint venture with US-based multi-channel retailer Nordstrom, which will take a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands "to help drive their growth”.
ASOS released its interim results on Thursday and the fashion e-tail giant confirmed just how strong it is, as its own brands and Arcadia labels boomed. It saw sales rising globally and profits soared.
ASOS launches a new campaign for the UK, US and Germany from Monday to mark a wider range of Topshop/Topman products available on site following its purchase of the two brands after the Arcadia failure.
Boohoo has concluded a deal to buy the remaining Arcadia brands that hadn’t been take over by ASOS and City Chic. It’s paying £25.2m to acquire the three “British heritage brands” out of administration.
ASOS has bought Topshop, Topman, Miss Selfridge and HIIT and will move fast to integrate them into its set-up. It said it's an attractive opportunity and they saw fast sales growth on its platform in the latest period.
A very short statement from Boohoo Group on Friday confirmed that yes, it is interested in buying the remaining brands owned by failed Arcadia, a move that means the entire Arcadia empire going online-only.