Topshop owners hint shop is returning to the UK high street
5 September 2024, 14:19 | Updated: 5 September 2024, 16:24
Topshop could be making a huge comeback to the British market after being sold to Danish retailers.
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It was the end of an era when Topshop closed its doors on Oxford Street.
After a number of years of struggling to keep up with competitors in the fashion e-commerce market, the global pandemic was the last bolt that struck the fashion giant down as the Arcadia Group went into administration.
But after getting saved in 2021 by ASOS with a cool £330 million, it seems like ASOS is now ready to move onto bigger and better things and announced in September that they had sold 75% of stakes in the brand to Danish retail group, Bestseller.
Bestseller also owns the menswear brand, Jack & Jones, alongside 20 other brands that sell across 70 countries globally.
ASOS and Bestseller have signed a joint venture deal worth £118 million to relaunch Topshop under its original site topshop.com.
If you’re not a fan of online shopping, then we’ve got even better news for you, ASOS’s execs have hinted that the venture deal will make the brand "more accessible,” and people are choosing to interpret that as possible in-person stores.
Speaking to the tabloids, ASOS chief executive Mr Ramos Calamonte stated, "It is very early to say that there will be physical stores, but there is no question that [Bestseller] have a big present presence on the high street."
"We think that they have a lot of potential."
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Mr Calamonte was possibly referring to the fact that Bestseller was already one of ASOS’s largest investors and has around 2,800 brick-and-mortar stores in roughly 30 countries across the globe.
According to online reports, the conglomerate may have already begun to look at sites to bring back Topshop stores in the UK. This move is aligned with statistics that show roughly 60% of clothing shopping has swapped back to in-person stores over digital since the pandemic's end.
Analyst at Hargreaves Lansdowne, Susannah Streeter stated "This Scandi makeover could potentially herald a much bigger return of Topshop and Topman to bricks and mortar stores around the world."
"This deal could put Topshop back on the global fashion map.”
While the rise of e-commerce led to Topshop’s demise in the first place, it was also the changing landscape and attitude towards ethical consumption of goods and fast fashion.
With current eyes on businesses and their responsibility towards not contributing to climate change as well as ethical labour practices, this deal with Bestseller seems like a step in the right direction.
The company prides itself on having “a positive impact on our planet’s climate across our value chain by removing more greenhouse gases than we emit,” as written on its website.
“To minimise waste and keep resources in use, we will prioritise efficiency and reuse of resources at every level, from fibres to water and chemicals to post-consumer.”
Bestseller has also promised to “empower jobs that are safe, protect human rights and provide fair incomes and opportunities for all,” all of which is stated in their vision statements.
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