Ahead of Topshop and Topman's anticipated return to º£½ÇÊÓƵ high streets next year, losses at the joint venture behind the brands have been disclosed.
The brands were sold by online fashion retailer Asos to a joint venture in partnership with Danish retail magnate Anders Holch Povlsen's Heartland in September 2024, as reported by .
Asos had previously purchased Topshop and Topman, along with Miss Selfridge and HIIT, from Philip Green's defunct Arcadia group for £265m in 2021.
Last month, it was announced that Topshop would make a comeback to the high street five years after shuttering all its º£½ÇÊÓƵ locations.
Topshop clothing is slated to be available in 32 John Lewis department stores from February 2026, with Topman products also set to be sold in six stores.
Topshop owner's losses revealed
Newly filed accounts with Companies House from the joint venture owner of Topshop and Topman reveal a pre-tax loss of £259,029 for the period up to 31 July, 2025.
The business, officially named 24.8. 2024 Limited, was incorporated on 27 August, 2024.
The latest results also indicate that the joint venture's turnover amounted to £14.5m for the period.
Bestseller's Anders Holv Polssen indirectly owns 75 per cent of the joint venture, valued at £135m in September 2024, while Asos holds the remaining 25 per cent.
The agreement allows Asos design and distribution rights in exchange for a royalty fee, enabling it to continue marketing and selling the brands online.
Russ Mould, investment director at AJ Bell, commented at the time: "[The deal] is less a case of celebration than relief."
Sales lower than expected at Asos
The announcement of the joint venture follows a dip in Asos shares after its sales failed to meet expectations.
The London-based firm stated it had intended to transition from revamping its business model towards "re-engaging with customers.
"Instead, more opportunity to reduce fixed costs and drive further variable cost optimisation were explored and the business focus remained on securing even stronger profitability foundations that will deliver further material improvements to ASOS' cost base in FY26 and beyond," Asos revealed.
Asos reported a "lower than expected" gross merchandise volume, an indicator of the value of goods sold, while overall turnover fell short of market predictions.
However, the company's profit margins increased by 350 basis points as it "continues to focus on higher quality sales against a soft consumer backdrop."
