Boohoo in talks to buy Arcadia’s three clothing brands: Sky News

FILE PHOTO: A smartphone with the Boohoo logo displayed is seen on a keyboard in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration

(Reuters) – Britain’s online fashion retailer Boohoo Group is in advanced talks to acquire clothing brands Burton, Dorothy Perkins and Wallis from the administrator to Philip Green’s Arcadia Group, Sky News reported on Thursday.

The deal is not certain to be agreed but could be announced as soon as next week if progress is made in the talks, the report added, citing people close to the proposed transaction.

Boohoo has indicated to Deloitte that it will pay little more than 25 million pounds ($34.35 million) for the three clothing brands, the report said.

Boohoo declined to comment and Deloitte was not immediately available for comment.

Boohoo announced earlier this week it has acquired the 243-year-old Debenhams brand and other business assets, including all its in-house brands and websites, for 55 million pounds.

Meanwhile, Asos Plc also announced that it was in exclusive talks with the administrators of Philip Green’s Arcadia group over the acquisition of the Topshop, Topman, Miss Selfridge and HIIT brands.

Debenhams and Philip Green’s Arcadia – the stores of which have been a fixture on Britain’s shopping streets for decades – both collapsed into administration last year, putting 25,000 jobs at risk.

($1 = 0.7277 pounds)

Reporting by Sabahatjahan Contractor and Aishwarya Nair in Bengalurul Editing by Cynthia Osterman