Asos in talks to offload Topshop to U.S. buyer

Iconic: Asos is reportedly preparing to offload the Topshop brand

Online fashion giant Asos is in talks to sell Topshop, less than three years after it bought the brand from Sir Philip Green’s collapsed retail empire.

Asos, which is getting ready to publish its delayed full year results this week, is reportedly preparing to offload the brand, which was once one of the UK’s most iconic retailers.

US firm Authentic Brands Group, the owner of Forever 21 and Ted Baker, is in discussions to acquire Topshop, according to the Telegraph.

Asos valued Topshop’s assets at £265m in its latest annual report.

CEO Jose Antonio Ramos Calamonte announced a 12-month plan to turn around its fortunes.