In the past week, we’ve been taking in the news of online fashion mogul ASOS’s deal with Arcadia Group and recent purchase of Topshop, Topman and Miss Selfridge.
Having suffered a major economic blow during to the pandemic, it came to light earlier this week that Arcadia Group has struck a deal which passes ownership of their most popular stores, Topshop, Topman and Miss Selfridge, over to ASOS. Great news for Topshop fans across the country who were afraid of their beloved brand disappearing altogether, ASOS will now house and sell all of their stock on their already multi-brand online platform.
Not much as been confirmed in reference to the exact details of the deal, but what has been revealed is that ASOS will be bringing just 300 employees over from Arcadia Group – with the majority of those positions resonating in marketing, design and retail partnerships and does not include any of their physical stores. This will be putting a stronger focus on Topshop’s digital presence and playing to the recent surge in online shopping’s popularity which can be partly blamed by the pandemic and lockdown measures.
Although major Topshop fans will be happy that they can continue buying their favourite products, many feel disheartened by the question mark that now hangs over their physical stores, as well as the thousands of jobs that go with it. With Topshop being an iconic presence on many highstreets, what is the purpose of ASOS’s latest purchase?
Ecommerce is the way to go
It’s no secret that the pandemic has had a huge blow on the economy, including many businesses and other retailers found on the high street. This has been a direct result of the measures put in place to curve the spread such as lockdown and social distancing which has meant many if not all stores have had to close.
For those making the decision to move online or further develop their existing online store, many businesses have been able to avoid closure and boost their business as a whole – truly demonstrating the power of ecommerce.
With Arcadia Group struggling and losing many of its high street stores, ASOS’s plan to further develop their online presence and make the shift to ecommerce couldn’t come at a better time.
Appropriate for the target market
As a part of their statement to the press, ASOS revealed that their recent obtainment of Topshop would further help their mission to become “the number one destination for fashion-loving 20-somethings throughout the world“. Spurred on by the pandemic, as well as the gradual increase of the millennial generation relying on ecommerce, this shift for Topshop is not only going to keep the brand alive but keep it in tune with their target market’s shopping habits.
Keeping up with the trends
Alongside the rise of influencer marketing, social media shopping and the promotion of shopping for self-care in lockdown, the closure of the shops have caused a surge in online shopping. ASOS’s decision to save Topshop and boost their online presence not only helps to funnel and maintain their retail success, but to adapt to the current fluctuating shopping trends.
Continuing success for a beloved brand
Overall, Topshop holds a lot of sentimental value and has been a beloved addition to the highstreet for nearly 50 years. Although the future of its high street shops hangs in the balance as ASOS plan to push it online, it’s new home amongst ecommerce will help the Topshop brand live on as it adapts to a new age of shopping practices.
In the meantime, if your business is also looking to make the leap online, come and speak to Limely!