Asos in £1bn takeover bid from Turkish retailer

Asos has received a £1billion takeover bid from a firm backed by China’s Alibaba, it emerged yesterday.

Turkish online retailer Trendyol put in an offer valuing Asos at £10 to £12 a share in late December.

That compares to its latest closing price of £3.50 last Friday.

The beleaguered online brand has grown into one of the UK’s biggest fashion retailers, swallowing up brands such as Topshop. 

But its value has fallen by more than 90 per cent over the past couple of years.

Online retailers were boosted during Covid but shopping habits have changed as high streets reopened and amid the cost of living squeeze. 

Asos recently reported a half-year loss of £291m.

Last month it announced a £75m fundraising from investors. And last week it emerged the firm, valued at just over £400m, would be relegated from the FTSE 250

The Sunday Times reported there were no ongoing talks between Trendyol and Asos. 

Asos declined to comment. Trendyol could not be reached for comment.