Asos Sells Majority Stake in Topshop

Topshop, the iconic British fashion brand, could be on track for a major comeback after Asos sold a 75% stake to Danish retail group Bestseller for £135 million. This decision comes as Asos grapples with declining sales and aims to repay debts, following a significant drop in sales of 15% and a £20 million profit hit from the deal. Bestseller, controlled by billionaire Anders Povlsen, already owns popular brands like Jack & Jones and Vero Moda and has extensive high street presence, raising hopes for Topshop's return to physical retail. Asos CEO José Antonio Ramos Calamonte noted that while there are no specific plans for new stores yet, the potential for future physical locations is being explored. The deal values Topshop significantly lower than its previous acquisition price, highlighting the brand's decline since its peak. A dedicated Topshop website is expected to relaunch by next summer, further enhancing its online visibility.