What Will Happen To Irish Topshop Stores?

ASOS announced the purchase of the Topshop brand on Monday.

 

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ASOS has announced that it has purchased a number of brands previously owned by the Arcadia retail group.

Late last year, the Arcadia group owned by Sir Philip Green went into administration, putting 13,000 jobs at risk.

It is believed the ongoing pandemic was the final nail in the coffin, with all 444 stores closed for a large duration of the year and the various brands relying heavily on online sales to keep them afloat.

Now, announcing the ownership of Arcadia brands including Topshop, Topman, Miss Selfridge and leisurewear brand HIIT. ASOS has revealed that it has bought the brands, as well as their current and future stock, but none of the stores, leaving thousands of jobs at risk.

Closing some major stores already, the Arcadia group shut over 70 stores internationally, including Topshop’s flagship on Oxford Street, London, which is apparently being sold off.

At the moment, all of the brand’s stores are closed due to restrictions and it still remains unknown as to whether or not they will all open once lockdown eases and if so, for how long.

Topshop currently has eight stores in Ireland located in Dublin, Cork, Galway, Letterkenny, Athlone and Wexford.

As for Topshop and Topman’s websites, they still remain open for business offering home deliveries, but it’s believed that once the ASOS deal is finalised, if you go onto the Topshop or Topman website, you’ll be redirected to ASOS where the brands will then live going forward.

It has also been reported that ASOS is taking 300 employees from the Arcadia group including buyers and designers who currently work for the bought brands.

 

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Speaking about the new deal, Nick Beighton, CEO of ASOS said in a statement: “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands.

“The acquisition of these iconic British brands is a hugely exciting moment for ASOS and our customers and will help accelerate our multi-brand platform strategy.

“We have been central to driving their recent growth online and, under our ownership, we will develop them further.”

As for the Arcadia groups other brands Dorothy Perkins, Wallis and Burton, none of these have successfully secured a buyer as of yet, but there are talks that Boohoo might be taking them over.

The ongoing pandemic has caused massive devastation to the retail industry with Aldo, Debenhams, Oasis and Warehouse all collapsing since the pandemic began.

Feature image via Instagram @topshopathlone 

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