Chinese fashion giant Shein is understood to have formally entered the race to potentially takeover Topshop just one week on from its acquisition of fast fashion rival Missguided.
Speculation surrounding Asos’ offloading of Topshop had begun circulating towards the end of October, with a report by Sky News alleging that such a move would contribute to the platform’s ongoing turnaround plan.
Asos snapped up Topshop in a 330 million pound deal back in 2021 following the collapse of its former owner Arcadia.
However, rumours of its sale had emerged amid raised financial concerns at the company, which reported 297 million pounds in losses for the financial year to September 3, 2023.
Now, it appears that potential bidders for Topshop are beginning to make their interest known, with Shein among the first to step into the arena.
Its alleged bid was reported by The Times, yet the media outlet further cited a source that noted Shein was not the preferred bidder for Topshop.
Its reported interest, however, comes as Shein continues on a mission to strengthen its presence in the global fashion landscape.
Next to its takeover of Missguided, the company has also been strengthening its ties through a partnership with Forever 21, which will see Shein take charge of the design, manufacturing and distribution of a line of the retailer’s clothing.