Boohoo And ASOS Make Moves On Arcadia Group
30 Jan 2021
Online fashion retailer Boohoo is in “exclusive” talks to buy Dorothy Perkins, Wallis and Burton brands from retail group Arcadia.
Sir Philip Green’s Arcadia group fell into administration in November last year with 13,000 jobs under threat.
ASOS also confirmed a Sky News report this week that it had become the frontrunner to buy the main piece of Sir Philip Green’s former empire, which crashed into administration in November.
At approximately £300m the purchase of TopShop and Miss Selfridge could be announced as soon as Monday morning.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown said Asos had “turned its nose up” at Dorothy Perkins, Wallis and Burton, leaving them for Boohoo to bid for.
“As an online-only fashion giant, Boohoo would be only interested in the brands, seeing little value in the store estate as the shift to digital sales intensifies,” she said.
“So the rescue of the famous names, wouldn’t throw a lifeline to the thousands of shop workers who are very likely to still face redundancy.”