United Kingdom

Asos emerges as a major contender to buy Topshop

Asos has emerged as a major contender in the race to buy Sir Philip Green's Topshop.

It has bid more than £250m, putting it in contention with foreign bidders Shein and Authentic Brands, which want to buy the trophy asset to get a foothold in the UK. 

Swoop: Asos has bid more than £250m, putting it in contention with foreign bidders Shein and Authentic Brands, which want to buy the trophy asset to get a foothold in the UK

But the British bidder, which sells to twenty-somethings from its online shop, does not plan to take on any of Topshop's stores, raising fears for shop staff. 

Chinese fast fashion giant, Shein, is believed to have bid in excess of £300m. 

Asda, which was recently bought by the billionaire Issa brothers, has also swooped, Sky reported.

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