Asos to sell Topshop and Topman in £180m deal

Asos will continue to sell the Topshop and Topman brands online as part of a royalty deal for certain design and distribution rights. Picture: Gareth Chaney/Collins

Asos has agreed to sell its Topshop and Topman brands to a new joint venture with the holding company of Danish billionaire Anders Holch Povlsen in a deal valuing them at £180m (€213m), the online retailer said.

Shares in Asos soared 18% on Thursday after news of the sale, along with an upbeat group performance update and a debt refinancing plan that reassured investors.