ASOMF - ASOS buys Topshop Topman Miss Selfridge and HIIT brands for £265M

Asos (ASOMF) has acquired the intellectual property assets of Topshop, Topman, Miss Selfridge and HIIT from the joint administrators of Arcadia Group Limited and its subsidiaries.52 weeks ended Aug. 29, 2020, Topshop, Topman, and Miss Selfridge made an unaudited EBITDA loss of (£1.8M) across all channels. HIIT was a sub-brand of Burton, which ASOS has chosen not to acquire. Accordingly, profitability is less readily available, but it is estimated that the brand generated a loss of ~£0.4M across all channels.The acquisition is expected to be margin accretive and double-digit return on capital (post-tax) in the first full year.FY21 incremental Ebitda to be offset by initial ramp-up costs; Additional one-off restructuring and transaction costs of c.£20M.Asos fully funded the transaction from cash reserves.Nick Beighton, CEO, Asos: "..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.

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ASOS buys Topshop, Topman, Miss Selfridge and HIIT brands for £265M