Asos has announced its acquisition of former Arcadia Group brands Topshop, Topman, Miss Selfridge and HIIT for £330 million.
The move comes just four years after the collapse of Topshop Topman Australia, entering voluntary administration in 2017 with debts of $35 million.
While the brand closed its last Australian store in March 2020, the global parent company soon followed with the appointment of administrators in December.
Its acquistion by Asos comes as the eCommerce giant reported 23% growth in group sales in the four months to December 31, supported by accelerated trading in rest-of-world markets including Australia.
Speaking on the deal, Asos CEO Nick Beighton said the business will grow the brands across five key pillars.
"We are extremely proud to be the new owners of Topshop, Topman, Miss Selfridge and HIIT brands.
"The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy.
"We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology, and logistics expertise, and working with key strategic retail partners in the UK and around the world," he said.
In P1 FY21, the brands grew 41% on Asos and through FY20 benefitted from Asos' retail channels and models.
Topshop, Topman, Miss Selfridge and HIIT have established presence in the UK, US and Germany and are complementary to Asos' existing portfolio.
Asos funded the deal through cash reserves and states that its cash position remains strong.