Asos completes Topshop and Topman sale

British e-tailer Asos has announced the completion of its sale of the Topshop and Topman brands to Heartland A/S as part of a joint venture with the holding company.

The Danish firm, via its subsidiary Aktieselskabet AF 24.8.2024, now holds a 75 percent interest in the joint venture, with Asos Holdings Limited retaining the remaining 25 percent.

Heartland is the holding company representing the interests of the Holch Povlsen family and their family business Bestseller, which in turn owns the brands Only, Jack&Jones and Vera Moda.

Through the agreement, Heartland has granted Asos “certain design and distribution rights” for Topshop and Topman in return for a royalty fee allowing the retailer to continue selling the brands online.

At the time of the deal’s announcement, Asos said the move would allow it to “focus on allocating capital more efficiently” to accelerate its ‘Back to Fashion’ strategy.

Asos further intends to relaunch Topshop.com within six months of completion of the deal, alongside the added goal of expanding the two brands via selected wholesale partners.