Asos is front-runner to purchase Topshop manufacturer, Sky Information states

FILE Photo: Smartphone with an ASOS application and a keyboard are found in entrance of a exhibited ASOS brand in this illustration photo taken Oct 13, 2020. REUTERS/Dado Ruvic/Illustration

(Reuters) – British on the web style retailer ASOS Plc has emerged as a surprise front-runner to acquire the Topshop manufacturer from the administrators of British tycoon Philip Green’s Arcadia Group, Sky Information noted on Saturday.

ASOS is in the guide to buy the model for a lot more than 250 million lbs ($342.10 million), the report mentioned.

ASOS and Arcadia declined to comment.

Retailer Future Plc mentioned on Thursday it experienced pulled out of the bidding as it was not able to satisfy the price tag expectations of the collapsed manner chain.

ASOS is not keeping any talks about acquiring Topshop outlets, Sky News said, citing unnamed insiders. But it was also eager to purchase Arcadia’s Pass up Selfridge brand name together with Topshop and Topman, Sky mentioned.

ASOS is competing against rivals such as Boohoo Team, U.S. retailer Genuine Models Group, which is doing work with JD Athletics Fashion Plc, and Chinese fashion team Shein, the report added.

Arcadia went into administration in November, putting a lot more than 13,000 work opportunities at hazard and becoming Britain’s largest company casualty of the COVID-19 pandemic.

($1 = .7308 lbs .)

Reporting by Rama Venkat in Bengaluru Editing by Alex Richardson and Paul Simao