“Topshop and Topman have made good progress since we acquired the brands in 2021. The new joint venture with Heartland is testament to the brands’ potential and the partnership will help bring Topshop and Topman to more customers globally. Asos will continue to focus on what we do best – designing the best fashion and providing a destination for style. Through the joint venture, new opportunities, both online and offline, can be explored and we are excited to continue to be part of the brands’ future while also realising the best value structure for Asos shareholders today”, commented José Antonio Ramos Calamonte, Chief Executive Officer at Asos.

Asos announced a joint venture with Heartland, selling a 75% stake in Topshop and Topman for 135 million British pounds (160.2 million euros). The partnership will grant Asos certain design and distribution rights for the two brands in return for a royalty fee to continue marketing and selling the brands online.

The Board believes that the transaction is in the best interests of Asos’ shareholders and customers. They will continue to benefit from access to Topshop and Topman products mainly through through the re-launch of Topshop.com, as agreed in the deal. The joint venture also aligns with Asos’ renewed focus on allocating capital more efficiently and will allow Topshop and Topman to reach new customers through selected wholesale partners. Finally, the sale strengthen the company's balance sheet while ensuring a stake in the future growth potential of Topshop and Topman.

Lise Kaee, Heartland’s Chief Executive Officer, commented on the deal: “We are pleased to enter into this joint venture with Asos, bringing the best of the Topshop and Topman brands to customers globally (…). We are committed to and look forward to working closely with our partners in a strong alliance”.