Asos frontrunner to buy Topshop, Topman and Miss Selfridge brands

Asos says it is in "exclusive" talks to buy Topshop, Topman, Miss Selfridge and HIIT brands out of administration.

But the online retailer said it only wanted the brands, not their shops, suggesting any deal would cost jobs.

The current owner of the brands, Sir Philip Green's Arcadia Group, fell into administration last November putting 13,000 jobs at risk.

Asos said it was "a compelling opportunity" to buy "strong brands that resonate well with its customer base".

"However, at this stage, there can be no certainty of a transaction and Asos will keep shareholders updated as appropriate," it added.

Last week, a consortium including fashion chain Next dropped its bid to buy Topshop and Topman because it could not meet the price tag.

Others interested in some or all of Arcadia - which also owns Dorothy Perkins and Burton - include Mike Ashley's Frasers Group, a consortium including JD Sports, and the online retailer Boohoo.

In addition, the Issa brothers, who recently bought supermarket chain Asda, and Chinese fast fashion giant Shein are said to have made bids for Topshop.

Asos has seen strong sales in the pandemic and is already one of the biggest wholesalers for Topshop, Topman, Burton and Miss Selfridge.

Administrators from Deloitte requested that final bids be submitted last Monday, with the auction expected to conclude at the end of January.

Sir Philip Green is under pressure to use his own money to plug an estimated £350m hole in Arcadia's pension fund, which has about 10,000 members.

Last year the retail tycoon had an estimated fortune of £930m, according to the Sunday Times Rich List.

Arcadia employed about 13,000 people and had 444 shops at the time of its collapse.