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Asos acquires Topshop, Topman, Miss Selfridge, HIIT brands for £265m
StockMarketWire.com
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Online fashion retailer Asos said it had acquired Topshop, Topman, Miss Selfridge and HIIT brands for £265 million.
The acquisition of these iconic British brands would help 'accelerate our multi-brand platform strategy ... [and] under our ownership, we will develop them further,' the company said.
In 2021, the company expected any incremental earnings before interest, taxes, depreciation and amortisation, or EBITDA, to be offset by initial investment and ramp up costs as it focussed on integration, engaging with retail partners and rebuilding stock to support its trading plans.
The company also expected to incur one-off restructuring and transaction costs of £20 million.
'We anticipate incremental sales in FY22 to be broadly flat to FY20 acquired brand sales...' the company said. 'We expect the transaction to deliver a double-digit return on capital (post tax) in the first full year.'
At 8:32am: (LON:ASC) Asos PLC share price was 0p at 4550p
Story provided by StockMarketWire.com
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