Asos has agreed to sell a 75% stake in its Topshop and Topman brands to Danish firm Heartland, the investment vehicle of billionaire Anders Holch Povlsen, for £135 million, valuing the brands at £180 million. Heartland, which also owns Bestseller, will form a joint venture with Asos, which retains a 25% stake and will continue to sell Topshop and Topman items online but will pay royalties impacting profits by £10-20 million annually. The deal is expected to generate net proceeds of about £118 million for Asos, and shares have risen sharply in response. This move is part of a strategy to bolster Asos's balance sheet and achieve sustainable, profitable growth amidst financial struggles, including a £120 million loss for the half-year. The transaction is expected to finalize in Q4 2024, pending regulatory approvals, and will coincide with the relaunch of the Topshop website within six months of the deal's closure.