Topshop and Topman losses revealed before John Lewis move
Losses at the joint venture behind Topshop and Topman have been revealed ahead of the brand’s return to UK stores next year.
The brands were sold by online clothing retailer Asos to a joint venture alongside Danish retail tycoon Anders Holch Povlsen’s Heartland in September 2024.
Asos had previously acquired Topshop and Topman along with Miss Selfridge and HIIT in 2021 from Philip Green’s collapsed Arcadia group for £265m.
Last month, it was announced that Topshop would return to the high street five years after it closed all its UK locations.
Topshop clothes is set to be available in 32 John Lewis department stores in February 2026. Topman products will also be sold in six stores.
Topshop owner’s losses revealed
Now, new accounts filed by Topshop and Topman’s joint venture owner with Companies House have revealed it made a pre-tax loss of £259,029 in the period to 31 July, 2025.
The business was incorporated on 27 August, 2024, and is officially called 24.8.2024 Limited.
The new results also show the joint venture’s turnover totalled £14.5m for the period.
The joint venture is 75 per cent indirectly owned by Bestseller’s Anders Holv Polssen which worth £135m in September 2024, with the remaining 25 per cent held by Asos.
The agreement gives Asos design and distribution rights in return for a royalty fee, enabling it to continue marketing and selling the brands online.
At the time Russ Mould, investment director at AJ Bell, said: “[The deal] is less a case of celebration than relief.”
Sales lower than expected at Asos
The results of the joint venture come a few days after shares in Asos sank after its sales fell behind expectations.
The London-based business said it “had planned to shift gears” from rebuilding its commercial 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 said.
Asos reported “lower than expected” gross merchandise volume, a measure of the value of goods sold, while group turnover was below market estimates.
However, the firm’s profit margins were up by 350 basis points as it “continues to focus on higher quality sales against a soft consumer backdrop.”