Asos sold its 75% stake in the Topshop and Topman brands to Heartland for £135m despite receiving a higher offer from fast-fashion juggernaut Shein and Authentic Brands Group (ABG).
Asos surprised the City this morning with the announcement that it had offloaded a majority stake of the iconic Topshop and Topman brands to Heartland, a holding firm of Danish fashion giant Bestseller.
Online fashion giant Asos has today announced a new joint venture with Heartland, the holding company of Danish fashion retailer Bestseller, to sell a majority stake in the Topshop and Topman brands.
Shein is understood to have rekindled its interest in Asos-owned Topshop alongside ABG, The Times reports.
Fast-fashion giant Shein has formally registered its interest in bidding for the Topshop brand.
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