About 300 people are currently employed by the Arcadia brands in buying, design and retail partnerships will transfer to ASOS, but about 70 stores with 2,500 employees are expected to close. Fifty stores have already shut down within the past few weeks, with the loss of an estimated 2,000 jobs.
“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,” Nick Beighton, chief executive, ASOS, told
. “We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology, and logistics expertise, and working closely with key strategic retail partners in the U.K. and around the world. [Acquiring
The deal is expected to close on Feb. 4.
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