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(Alliance News) - ASOS PLC is now the frontrunner to buy fellow fashion retailer TopShop out of administration, Sky News reported Saturday.
Citing "insiders", Sky said ASOS would pay more than GBP250 million for TopShop, part of Philip Green's collapsed Arcadia Group. ASOS is an online-only retailer and isn't in talks to buy TopShop's high-street stores, Sky said, but it does want to acquire the Miss Selfridge brand alongside TopShop and TopMan.
https://news.sky.com/story/asos-emerges-as-surprise-frontrunner-to-clinch-topshop-crown-12196945
The Sky report about the emergence of AIM-listed ASOS as a leading bidder for TopShop follows the withdrawal of Next PLC from the bidding for Arcadia late Thursday.
"Next announces that it has withdrawn from the process to acquire any, or all, of the Arcadia Group from the administrator, as our consortium has been unable to meet the price expectations of the vendor," the FTSE 100 company said.
JD Sports Fashion PLC, Frasers Group PLC and Boohoo Group PLC also have been reported as having an interest in acquiring Arcadia brands. On Saturday, Sky News said US retailer Authentic Brands Group LLC is working together with JD Sports. Sky also listed Shein, a Chinese fashion group, as being interested.
Asda - the UK supermarket chain being purchased from the US's Walmart Inc by the Issa brothers and UK-based private equity firm TDR Capital LLP for GBP6.8 billion - also is among the bidders, Sky said.
By Tom Waite; thomaslwaite@alliancenews.com
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