Asos chief executive Nick Beighton has said Topshop’s Oxford Street flagship store is “not a key priority” for the online retail giant, as it takes over Arcadia Group’s Topshop and Topman brands.
Beighton reaffirmed to analysts today that as a pureplay retailer it is not in Asos’s model to operate stores.
However, he said Asos would find it more compelling if it found a third-party partner to operate a potential offer at 214 Oxford Street, W1, citing Topshop’s existing partnership with US department store Nordstrom as a possible model.
Beighton said: “We were approached to see whether we were interested in taking it. It’s not a key priority for us, but if it becomes financially attractive and we could find a partner to work with on that, never say never.
“We’re digital-only, we’ve got some partners to drive in [the US] through Nordstrom and elsewhere, and also in Europe, but if [there is] the opportunity and we have the right partner, we will have a think about that particular opportunity.”
Beighton highlighted the US expansion opportunity that Nordstrom presented for Asos’s brands and design teams as well as the former Arcadia brands.
It will seek to expand the Topshop and Topman offer at Nordstrom’s physical and online stores before discussing which of its own brands can be sold through its channels.
“All to play for, all to be decided, but a very exciting opportunity for us,” Beighton added.
Asos’s deal to buy the Topshop, Topman, Miss Selfridge and HIIT brands excludes all 70 of the stores operating under the brands.
Administrators at KPMG have been assessing options for the flagship store, the long leasehold for which is held in Redcastle (214 Oxford Street) Ltd and ultimately owned by The Crown Estate. The location is also sublet to Nike and Vans.
Avison Young is managing the property, while Savills is acting as the leasing agent. Eastdil Secured is the sales agent.
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