29th Oct 2023 11:18
(Alliance News) - The Telegraph on Saturday said that Asos PLC is in talks to sell the Topshop brand to Authentic Brands Group LLC.
Authentic Brands is the US company behind brands such as Ted Baker, Reebok and Forever 21.
The Telegraph said that Authentic Brands is plotting its acquisition of Topshop after a failed attempt to buy the business in 2020.
https://www.telegraph.co.uk/business/2023/10/28/asos-talks-sell-topshop-us-retail-powerhouse/
In February 2021, Asos acquired four brands from beleaguered Arcadia Group Ltd, including UK high street staples Topshop and Topman. It paid GBP265 million for the four brands - including Miss Selfridge and HIIT as well.
On Tuesday, Asos said it was delaying the publication of its annual results by one week, although it stressed financial guidance remained unchanged.
It expects to report full-year adjusted group revenue of GBP3.54 billion, second-half adjusted earnings before interest and tax of more than GBP38 million, resulting in a full-year adjusted Ebit loss of no more than GBP31 million.
The online fashion retailer will now announce its financial 2023 results on Tuesday to allow its auditor, PwC, to complete its planned testing. PwC has assured the board that the outstanding procedures are limited in nature, Asos said.
Alongside the results, Asos Chief Executive Jose Antonio Ramos Calamonte will host a strategy update which will feature a series of short presentations from senior management who will provide a broader update on the medium-term outlook.
By Sophie Rose, Alliance News reporter
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