Topshop
Heartland A/S (75%) and ASOS (25%) · United Kingdom
Topshop is a British womenswear brand that began in 1964 as a youth section of a Sheffield department store and grew into a global high street chain. Since 2024 it has been owned 75% by Heartland A/S, the Holch Povlsen family holding company, and 25% by ASOS. It matters as one of the best-known examples of a heritage high street name rebuilt as an online-led brand.
| Founded | 1964 |
|---|---|
| Origin | Sheffield, United Kingdom |
| Owner | Heartland A/S (75%), ASOS (25%) |
| Headquarters | London, United Kingdom |
| Segment | Mass market and fast fashion |
| Main channels | Online and wholesale |
| Website | topshop.com |
What is Topshop?
Topshop is a British fashion brand focused on womenswear, accessories and footwear. It is closely associated with the UK high street of the 2000s and 2010s, and today operates as an online-led brand with selected wholesale partners.
History
The brand began in 1964 as Peter Robinson's Top Shop, a youth fashion area within the Peter Robinson department store in Sheffield. Peter Robinson had been acquired by Burton in 1946, and the Burton group, later renamed Arcadia Group, grew Topshop into a chain of more than 500 shops in dozens of countries. The brand was an early mover online and has been credited with launching what is described as the UK's first online fashion store for a high street label. In 2007 Kate Moss designed the brand's first collection.
Arcadia Group entered administration on 30 November 2020 and all Topshop shops subsequently closed. ASOS bought Topshop, Topman, Miss Selfridge and HIIT out of administration on 1 February 2021 for £265 million, plus £65 million for stock.
Ownership since 2024
In September 2024 ASOS agreed to sell 75% of Topshop and Topman, and the sale was announced as completed in October 2024. The buyer was Heartland A/S, the holding company for the Holch Povlsen family, whose interests include Bestseller. ASOS kept 25% in a joint venture and received certain design and distribution rights in return for a royalty fee, so it can continue to sell the brands online. The plan was to relaunch Topshop.com within six months and to expand through selected wholesale partners.
Business model and distribution
Between 2020 and 2025 the brand traded online only. Topshop has also been sold through wholesale partners such as Nordstrom in the US and Zalando, which began carrying it in 2015. Reports indicate that from February 2026 Topshop would be sold in a limited number of John Lewis stores in the UK, a return to physical retail through a partner rather than through its own shops.
Why it matters
Topshop shows how a collapsed high street chain can be turned into an asset-light brand: ownership and operations are split between a holding company, an online retailer and wholesale partners, rather than a large owned store estate.
Frequently asked questions
Who owns Topshop?
Topshop is owned 75% by Heartland A/S, the holding company of the Holch Povlsen family, and 25% by ASOS, following a sale that ASOS announced as completed in October 2024. ASOS had bought the brand out of Arcadia's administration in February 2021.
Does Topshop still have stores?
Topshop closed all of its own shops when Arcadia Group collapsed in 2020 and traded online only from 2020 to 2025. Reports indicate a limited return to physical retail through partners such as John Lewis from February 2026.