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Topshop could return to high street after Asos sells stake for £135m

Online fashion retailer hands control of brand to Jack & Jones owner with sale of 75% stake to help repay debts

The deal will help Asos repay debts, as it said sales continued to slide – by even more than the 15% it had already told the City to expect – amid a soggy summer and consumer caution in the light of high energy bills. Asos has been struggling to turn around its performance, selling off piles of unwanted stock and attempting to improve its fashion credentials as shoppers swing back to the high street after a boom in online shopping during the pandemic. The retailer’s owner, Associated British Foods, said: “This primarily reflects unfavourable weather in the UK and Ireland … which resulted in lower footfall and particularly impacted sales of our seasonal lines in womenswear and footwear.”

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