Despite receiving a higher bid of £215.5 million from fast-fashion giant Shein and Authentic Brands Group (ABG), Asossold the 75 per cent stake it held in the brands Topshop and Topman to Heartland for £135 million. An investment company, Heartland is the largest shareholder in the online fashion retailer Asos.

Asos opines, its partnership with Heartland will benefit from positive sales of Topshop under its new ownership as the brands will continue to be sold on the Asos website. As part of the joint venture, Asos will retain ‘certain design and distribution rights’ for Topshop and Topman and receive a royalty fee for marketing and selling the brands online.

José Antonio Ramos Calamonte, CEO, Asos, says, the joint venture will help the company strengthen its strategy to offer customers the best of fashion while driving sustainable, profitable growth. The joint venture is a testament to the brands’ potential and will help introduce Topshop and Topman to more customers globally, he states.

With the brand continuing to focus on designing top-quality fashion and being a leading style destination, the joint venture will also open new opportunities for Asos, both online and offline, while securing the best value for its shareholders.