Major update on return of Topshop to high streets – shoppers will be delighted
A MAJOR update has been issued about the return of Topshop to the high street.
Today, bosses at ASOS confirmed they were exploring new ways to bring the iconic brand to customers.
This includes launching a new website within the next six months.
Currently, customers can only shop its products via ASOS, the online fashion site which saved it from collapse back in 2021.
But in September, the brand sold a 75% stake in the brand to Bestseller, a Danish retail group that owns Jack & Jones.
Since then rumours have been swirling that its sale could mean fans would get a chance to buy Topshop clothes in person once again.
And now, it looks like those dreams are closer to coming true.
A statement from Asos’s latest financial results said it would be looking at new ways, both online and offline, to bring the Topshop to customers globally.
It continued: “Within the next six months, we will re-launch Topshop.com, giving the brand an opportunity to further expand its customer base.”
Meanwhile, Jose Antonio Ramos Calamonte, head of ASOS added that he will “not ignore any option to grow Topshop and if that includes a physical presence then we will not ignore it.”
The sale of a majority stake in Topshop comes amid huge struggles at ASOS, which has suffered from sinking profits and sliding sales since the pandemic.
This morning, the online department store posted losses of £380million in the year to September.
When ASOS bought Topshop in 2021, online was seen as the future of retail, as sales were booming.
Lockdown had forced many shoppers to switch to online, which benefitted ASOS, while Sir Philip Green‘s Arcadia Group, which owned Topshop, Dorothy Perkins, and Miss Selfridge, was killed off because of its reliance on stores.
Since covid restrictions have eased, around 60% of fashion shopping has switched
TOPSHOP’S DECLINE
The rise of e-commerce and the shift in consumer behavior towards online shopping caught the brand off guard.
While competitors like Zara and H&M quickly adapted to the digital landscape, Topshop struggled to keep pace.
Additionally, the brand faced criticism for its fast fashion model, which became increasingly scrutinised for its environmental impact and labour practices.
The rise of more ethical and sustainable fashion brands further eroded Topshop’s market share.
Financial troubles began to surface within the Arcadia Group, exacerbated by Sir Philip Green’s controversial business practices and personal scandals.
In 2019, Arcadia Group entered a company voluntary arrangement (CVA) to restructure its debts, leading to the closure of several Topshop stores.
THE FINAL BLOW
The COVID-19 pandemic delivered the final blow to Topshop.
Lockdowns and reduced foot traffic in retail stores accelerated the brand’s decline.
In November 2020, Arcadia Group collapsed into administration, putting 13,000 jobs at risk.
Despite efforts to find a buyer, the group’s assets were ultimately sold off.
In February 2021, online fashion retailer ASOS acquired Topshop, Topman, Miss Selfridge, and HIIT brands for £265million.
However, the acquisition did not include physical stores, marking the end of Topshop’s high street presence.
While Topshop’s physical stores disappeared, its influence on fashion has remained.
The brand’s legacy continues through its online presence under ASOS, which still offers a global audience of trendy, affordable fashion.
A HISTORY OF TOPSHOP
TOPSHOP was founded in 1964 as a youth-oriented fashion brand under the umbrella of the Arcadia Group.
The brand started as a section within Peter Robinson, a department store in Sheffield.
But, it quickly gained popularity for its trendy and affordable fashion, appealing primarily to young women.
By the late 1970s, Topshop had established itself as a standalone brand, opening its flagship store on London’s Oxford Street in 1994, which became a fashion landmark.
Topshop’s golden years spanned the late 1990s and early 2000s, during which it became synonymous with fast fashion.
The brand was known for its ability to translate high fashion trends into affordable, ready-to-wear clothing quickly.
The launch of the Topshop Unique line in 2001 further solidified its status, offering runway-inspired collections that debuted at London Fashion Week.
Under the leadership of Sir Philip Green, who acquired the Arcadia Group (Burton Group until 1998) in 2002, Topshop expanded internationally, opening stores in major cities like New York and Los Angeles.
Collaborations with high-profile designers, including Kate Moss in 2007, brought further acclaim and visibility to the brand.
At its peak, Topshop had around 510 shops, including over 300 shops located in the UK.
Despite its success, Topshop faced several challenges that led to its decline.