If you haven’t been updated on fashion news lately, you might not know that the beloved Topshop brand is no longer standing. I know. It’s sad, like what other bad news can 2020/2021 bring us? But, luckily ASOS swooped in and recently bought the company for about $4 million. This means loyal customers of Topshop will still be able to purchase their clothing, but just on a different website. With ASOS being the top British online retailer, having over 800 brands on their website, it’s only another brand added for them.
Now you may ask why this happened. Why are the 70 Topshop brick-and-mortar stores closing up? Well the Arcadia group, which owned Topshop, Topmen, Miss Selfridge and other fashion brands entered into something called “administration”. Administration, in the world of British business, is when a company is taken under the management of an administrator who must be a licensed insolvency practitioner. This means that the company had to be taken over by this administrator because the company was unable to pay debt that they owed. Once the Arcadia Group entered into administration they were forced to reevaluate their business practice and the companies stance overall. With this being said their best option was to give their business to ASOS.
I know it’s sad news that you can’t walk into your nearest Topshop and browse through the store, try on clothing, and get the basic shopping experience with the brand every again. But, with the financial impact of COVID-19, it’s almost like we should have seen this coming. The Guardian, a UK based news outlet, wrote recently that “The Asos deal calls last ordered on a whole culture of clothes shopping that included changing rooms and coffee shops, a Saturday ritual which ended each week with shopping bags carried home like trophies… buying clothes is becoming an activity to be done on a laptop or a phone, and this deal hastens a generational shift which was already in motion.” I think this proves a good point. Our shopping culture is shifting big time to complete e-commerce, so I guess all we can do is hang on tight to our laptops and keep shopping.