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Kelly Rissman
US News Reporter
Millennials rejoice: Topshop could return to the British high street after ASOS sold a 75 per cent stake in the brand to a Danish fashion business.
The beloved fashion brand’s physical stores closed down in 2021 amid the downfall of Philip Green’s retail group Arcadia, and the label was then taken over by ASOS in a £265 million deal.
The online retailer, which has struggled in recent years after enjoying a sales boom during the pandemic, has now announced that the Danish company Bestseller has bought a 75 per cent stake in Topshop, with ASOS keeping hold of the remaining 25 per cent.
Bestseller owns high street brands such as Vero Moda and Jack & Jones, prompting speculation that they could be eyeing a comeback for Topshop.
Jose Antonio Ramos Calamonte, ASOS’s chief executive, suggested that the development could make Topshop “more accessible” to shoppers.
“It is very early to say that there will be physical stores, but there is no question that they [Bestseller] have a big presence on the high street,” he told a press conference.
“We think that they have a lot of potential.”
He added that while there is currently “no specific agreement” for Topshop to open bricks and mortar stores, they “will consider it for sure”.
As a result of this deal, Topshop is also set to relaunch with a new standalone website, which should be unveiled by next summer.
“The reason why we want to relaunch Topshop.com is because we think it’s a fantastic platform for the brand to be expressed as what it is in itself, and obviously in ASOS, maybe we run the risk that the brand has been forgotten by some customers,” Calamonte explained.
During the brand’s Noughties heyday, Topshop was the biggest name on the British high street thanks to its fashion-forward designs and affordable prices.
It boasted 300 UK stores at its peak, including a huge 90,000 square foot flagship store on Oxford Street in London.
High profile collaborations with model Kate Moss and with young designers such Christopher Kane, Mary Katrantzou and JW Anderson, as well as its twice-yearly Topshop Unique shows at London Fashion Week, helped win over shoppers too.
