Asos buys Topshop, Topman and Miss Selfridge brands

Market summary

The Maltese market closed in the red on Friday, with the MSE total index ending the session 0.290% lower to 8,255.308 points. There were no much activity on equity market with only three instruments being active. HSBC Bank Malta plc added 1.22% to 0.83, while International Hotel Investments plc slid 3.47% to 0.695 and BMIT Technologies plc closed unchanged.

European stocks finished January on a sharply down note as investors fretted about stockmarket valuations and Covid vaccine supplies on the Continent, after a week in which a web-inspired group of small investors took on large US hedge funds. The pan-European Stoxx 600 index dropped 1.87% to 395.85, alongside a 1.71% drop for Germany’s Dax to 13,432.87 and a 2.21% decline in Spain’s Ibex 35 to 7,757.5.

U.S. stocks skid Friday to book worst week since October, as GameStop ruckus and vaccine news stress market. The Dow Jones Industrial Average slumped 2%, to close at 29,982.62, The S&P 500 shed 1.9%, ending at 3,714.24. The Nasdaq Composite Index tumbled 2%, finishing at 13,073.64.

Asos buys Topshop, Topman and Miss Selfridge brands

Online fashion retailer Asos has bought the Topshop, Topman, Miss Selfridge and HIIT brands from failed retail group Arcadia in a deal worth GBP 295m.

Sir Philip Green’s Arcadia group fell into administration in November last year, casting doubt over the future of its brands and 13,000 jobs.

Asos is acquiring the stock and the brands. However, it is not taking on the stores.

It is paying GBP 265m for the brands and a further GBP 30m for the stock.

Asos chief executive Nick Beighton said: "The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy.

This article was issued by Nadiia Grech, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.