Anders Holch Povlsen is among the richest people in Denmark. He owns, among other things, the Bestseller Group and the majority in FC Midtjylland. (Archive photo). Photo: Henning Bagger/Ritzau Scanpix
Asos sells majority of Topshop to Danish fashion billionaire
Asos has sold the Topshop and Topman brands to a company majorly owned by Danish billionaire Anders Holch Povlsen. Holch Povlsen’s Heartland will hold 75%, with Asos keeping 25%. The sale is expected to net Asos £118 million, over one billion kroner. Already an Asos stakeholder, Holch Povlsen owns the Bestseller group and recently acquired a majority in football club FC Midtjylland. Despite a slight drop in annual sales, Asos’ earnings are projected to be at the market’s higher end. The brands, bought in 2021 after former owner Arcadia’s administration, are now online-only. Post-announcement, Asos stocks rose over 20%.