ASOS has confirmed that it has acquired Arcadia brands Topshop, Topman, Miss Selfridge and HIIT for £265 million. Sir Philip Green's Arcadia group fell into administration in November last year, casting doubt over the future of its brands and 13,000 jobs. Although ASOS is acquiring the brands and stocks, it is not taking on the physical high street stores. 

ASOS CEO Nick Beighton said: "We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands. 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. 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 UK and around the world."