ASOS to make redundancies at Topshop

  • Asos confirms job cuts at Topshop, Topman and Miss Selfridge brands
  • Employees at the brands were informed on Wednesday about the restructuring
  • Asos will begin a consultation next month

By guest author Sahar Nazir from Retail Gazette

Captions courtesy by Retail Gazette

Asos has reportedly confirmed it is axing roles across its Topshop, Topman and Miss Selfridge brands, which will affect almost 40 jobs.

Employees at the brands were informed on Wednesday about the restructuring, which will affect 38 roles across senior buying, established buying, design and merchandising.

Asos will begin a consultation next month, Drapers reported.

In February, Asos purchased Arcadia’s Topshop/Topman, Miss Selfridge and HIIT brands for GBP 265 million.

At the time, around 300 employees across design, buying and retail partnerships transferred to Asos.

Earlier this week, Asos said it was considering restructuring the teams working across its Arcadia brands.

Last month, Topshop’s Oxford Street flagship store launched a sale process with a GBP 420 million price tag.

The building, which was valued at GBP 500 million two years ago, is being advertised as an opportunity to introduce a “new age retail concept”.

The sale process – named Project Infinity – is led by real estate adviser Eastdil Secured on behalf of KPMG, which was appointed administrator to Redcastle 214 – the company that held the building when Arcadia collapsed in December.

The first GBP 311.6 million of any sale will go to private equity firm Apollo, which lent against the building in 2019, with further proceeds going to Arcadia’s pension scheme.