Consumer
Asos Cedes Topshop to Denmark’s Bestseller for $178 Million
- Online retailer hands over 75% control of Topshop brands
- Asos also announced a refinancing which has reduced net debt
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Asos Plc, the troubled UK online fashion seller, agreed to sell control of its Topshop and Topman brands to a company controlled by Denmark’s Holch Povlsen family, the owner of retailing group Bestseller A/S.
Asos is forming a joint venture with the family’s Heartland A/S, which will pay £135 million ($178 million) for a 75% stake in the two brands the UK company acquired in 2021 from Philip Green’s insolvent retail business as part of a £295 million deal.