One of the most distinctive landmarks in central London retail is up for sale. The former Topshop flagship on Oxford Circus, the jewel in crown of the dismantled Arcadia Group empire, is valued at around £420 million.
Manchester-based Boohoo Group is seeking to expand its office presence in London following recent acquisitions of the online business of London-based Debenhams and Arcadia labels Dorothy Perkins, Wallis and Burton.
As Boohoo expands by acquisition and battles its way back from supplier scandals, the company has told its UK suppliers that they need to bring all of the work they do for it in-house by early next month.
Boohoo has concluded a deal to buy the remaining Arcadia brands that hadn’t been take over by ASOS and City Chic. It’s paying £25.2m to acquire the three “British heritage brands” out of administration.
ASOS has bought Topshop, Topman, Miss Selfridge and HIIT and will move fast to integrate them into its set-up. It said it's an attractive opportunity and they saw fast sales growth on its platform in the latest period.
A very short statement from Boohoo Group on Friday confirmed that yes, it is interested in buying the remaining brands owned by failed Arcadia, a move that means the entire Arcadia empire going online-only.