DOCSLIB.ORG

JD SPORTS / FOOTASYLUM Initial Phase 2 Submission

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
JD SPORTS / FOOTASYLUM Initial Phase 2 Submission JD SPORTS / FOOTASYLUM Initial Phase 2 Submission SUBMITTED ON BEHALF OF JD SPORTS FASHION PLC 14 NOVEMBER 2019 TABLE OF CONTENTS EXECUTIVE SUMMARY ......................................................................................................................................................... 1 I. Overview ................................................................................................................................................................... 1 II. The Parties have quite different "sweet spots" in their brand and own-label representation .......................... 2 III. The Merger does not alter the fact that global brands shape branded retail competition ................................ 3 IV. A worsening of the consumer offer would not survive dynamic demand forces and brand and supply-side disruption ................................................................................................................................................................. 5 V. The Merger will not remove a close constraint on JD Sports' pricing or non-price offer ................................. 5 VI. Footasylum's small share does not even account for its declining state absent the Merger ........................... 6 VII. The Merger preserves a differentiated customer offer – with a much-improved brand position, scale, and IT and back office – to the benefit of consumers ...................................................................................................... 6 VIII. Conclusion ............................................................................................................................................................... 6 INTRODUCTION ..................................................................................................................................................................... 7 I. Volatility of social media-driven fashion trends .................................................................................................... 7 II. Cultivation of strong sports and fashion brand preferences ............................................................................... 9 III. E-commerce drivers: Instagram, mobile-commerce apps, webstores .............................................................. 10 IV. Conclusion ............................................................................................................................................................. 12 PART A - MARKET DEFINITION, COMPETITOR SET AND DIFFERENTIATION ............................................................. 13 I. Introduction ............................................................................................................................................................ 13 II. The Phase 1 analysis: examples of the binary fallacy in action ........................................................................ 15 III. A fresh approach at Phase 2 ................................................................................................................................. 23 IV. Separate markets for footwear and apparel ........................................................................................................ 24 V. Segmentation within footwear and apparel ......................................................................................................... 24 VI. Multichannel: online vs. in-store .......................................................................................................................... 27 VII. Multi-brand vs. mono-brand retailers ................................................................................................................... 31 VIII. Geographic market ................................................................................................................................................ 32 PART B - THE MERGER HAS NO IMPACT ON BRANDS’ DTC AND VERTICAL CONSTRAINTS THAT IN TANDEM DISCIPLINE THE PARTIES’ RETAIL OFFER ........................................................................................................ 33 I. Nike and adidas are must-stock brands for sports inspired retailers ............................................................... 34 II. Nike and adidas are each aggressively expanding digital e-commerce (DTC) that bypasses and constrains wholesale channel resellers .................................................................................................................................. 36 III. Branded suppliers exercise tight control over PQRS of UK sports-inspired retailers .................................... 41 IV. The Merger has no impact on the array of constraints applied by the global brand owners over JD Sports’ resale activity ......................................................................................................................................................... 45 V. The brands already sponsor entry and expansion and would readily shape retail market structure further if incumbent retailers under-perform ...................................................................................................................... 47 PART C - BEYOND THE DTC OFFENSIVE OF THE BRANDS: CONSTRAINTS FROM OTHER RETAILERS ................ 49 I. Dynamic actions by UK and pan-European retail rivals in sports footwear ..................................................... 49 II. Apparel rivals are growing and diversifying ........................................................................................................ 55 III. Customers have a wealth of choice ..................................................................................................................... 56 PART D - THE MERGER HAS NO "PQRS" EFFECT .......................................................................................................... 57 EXECUTIVE SUMMARY I. The increment in share resulting from the Merger is low ................................................................................... 57 II. Footasylum does not affect JD Sports' national pricing, product range or other non-price decisions ......... 58 III. JD Sports does not affect Footasylum's national pricing, product range or other non-price decisions ....... 59 PART E - THE MERGER OFFERS SYNERGY BENEFITS RELATIVE TO THE SEVERE STANDALONE PROBLEMS OF FOOTASYLUM ........................................................................................................................................................ 61 I. Background ............................................................................................................................................................ 61 II. Footasylum's standalone position in the counterfactual ................................................................................... 62 III. JD Sports' perspective on Merger rationale and benefits .................................................................................. 62 A40423817 3 EXECUTIVE SUMMARY EXECUTIVE SUMMARY I. Overview (1) As explained in this initial submission (the “Response”), the acquisition by JD Sports Fashion plc ("JD Sports"1) of Footasylum Limited ("Footasylum" and together, the "Parties") (the "Merger") has not resulted, and cannot be expected to result, in a substantial lessening of competition ("SLC") in the UK. (2) The unilateral effects theory of harm advanced in the Issues Statement and Phase 1 Decision (for each of footwear and apparel, in-store and online) is that the Merger may substantially reduce competition on each market (segment) at the UK national level. This is broadly based on two premises: first, that JD Sports is a large and successful UK sport-inspired retailer (which is true, but not probative of the SLC question) and second, that the Merger eliminates one of few national rivals (which is incorrect). (3) In essence, the theory of harm fails to fit the facts in each market (segment) on two counts: • The theory does not adequately (or at all) explain or account for the key constraints – horizontal and vertical – faced by JD Sports and Footasylum pre-Merger; and • The theory also fails to capture why and how the acquisition of Footasylum (a small rival in a weak condition) materially affects these constraints leading to a likelihood of consumer harm. (4) In summary, the commercial and competitive reality is that: (i) Brands set the competitive framework especially in footwear The characteristics of this sector are unlike other retail sectors, in that JD Sports (and Footasylum) are constrained by the major brand owners (specifically Nike and adidas) on which each is dependent. The major brand owners not only constrain horizontally as JD Sports' fastest-growing direct competitors at the retail level, but also substantially influence (i) the structure of the retail market via their selective distribution models; and (ii) individual retailers' setting of price, quality, range or service ("PQRS") within it; (ii) The markets in question are dynamic; demand is volatile and trend-driven and competition is intense Given that the global brands stimulate demand in particular through social media and use of influencers via apps and other digital tools aimed at a young audience, footwear and apparel markets are both characterised by dynamic and volatile demand and intense competition (shaped by the brands' selective distribution systems and fast fashion alternatives); (iii) Given intense market-wide rivalry it makes sense that the Parties' focuses and
Load more

Recommended publications
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Marketing Particulars
    On the Instruction of Lloyds Banking Group TO LET – NEW LEASE AVAILABLE CHESTER, 4 Foregate Street CH1 1HA Location Chester is an historic city located approximately 36 miles south west of Manchester, and approximately 25 miles south of Liverpool. It is located at the western end of the M56 motorway, which links with the M6 and M60 motorways. The property is situated on Foregate Street, the prime retail pitch within Chester city centre. Nearby occupiers include Lloyds Bank, HSBC Bank, WHSmith, Clarks and JD Sports. Description The ground floor comprises a shell unit with open plan floor space. The basement floor consists of ancillary storage and toilets. Accommodation • Prime Retail Location • Heavy Footfall Ground Floor 34.90 sq m 376 sq ft • New lease terms available Basement Floor 78.78 sq m 794 sq ft EPC An EPC can be made available upon Tenure request. The property is available on an FRI Leasehold basis. Viewing Length of term to be negotiated. By appointment via this office: Rent Ross Jackson £40,000 pax. t: + 44 161 233 5492 e: [email protected] Rates CBRE Limited We are informed by the Local Rating Authority that the current rateable Henrietta House, Henrietta Place value of the property is £34,500 and the rates payable are £17,008.50. London W1G 0NB The UBR for 2018/2019 is 49.3 p. Interested parties are advised to make www.cbre.co.uk/retail their own enquiries with the Local Authority for verification purposes. Date of Issue 13 th June 2018 On the Instruction of Lloyds Banking Group TO LET – NEW LEASE AVAILABLE CHESTER, 4 Foregate Street CH1 1HA DISCLAIMER: CBRE Limited CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1.
    [Show full text]
  • Nike Air Max Hyper Blue ,Cheap Jord
    nike air max hyper blue ,nike air jordan shoes ,cheap air jordans ,vintage nike windbreaker--nike air max hyper blue ,cheap jordan shoes for sale ,air jordan basketball shoes ,air jordan 23 mens size 10 jordans | eBay-- Find great deals on eBay for mens size 10 jordans and mens xl jordan shorts. Shop with confidence. Later in the year,"We are thrilled to call NBC Sports Network the home of World Series of Fighting,So I want to give a hearty congratulations to both the Kings and the Galaxy one more time for bringing two championships to L. :We also found out that both these teams are full of some pretty stand-up players and coaches. "The Spider" went on to knockout in a bout at light heavyweight later that year before scoring another decision over . Silva, then -- and only then -- will Arum start plotting their next move. Arum noted the difference between that examination and the one he was recommending. moving from number six to number two, Louis Rams so that they could select Robert Griffin III.Each week during the NFL season FST brings you our Fantasy Football Waiver Wire Pickups or simply just players to keep on your radar. Jon Bostic (67 tackles. In addition to those losses, Hernandez ruled Davis had bobbled the ball rather than dropping it on the transfer and declared Fort Myers' Andy Leer safe. that was umpire Mario Seneca screaming "Turn the sound off for the rest of the night.The San Francisco Giants were playing for their season on Tuesday night it??s the most fun, Amir Sadollah (169 lbs.) vs.
    [Show full text]
  • Resilience of Your Supply Chain… About Us
    WE INVITE YOU TO INCREASE THE RESILIENCE OF YOUR SUPPLY CHAIN… ABOUT US The Transported Asset Protection Association (TAPA) was formed 23 years ago by leading global Manufacturers & Logistics Service Providers to make their supply chains more resilient. Transported Asset Protection Association Today, TAPA is the world’s leading Security Expert Network for everyone in the supply chain … and we invite you to join our family. Joining our Association will give you access to supply chain resilience insight, trends and tools as well as industry-leading security standards, training and CARGO CRIME IN EMEA unique networking opportunities with like-minded supply chain professionals. With today’s unprecedented focus on supply chain resilience, TAPA’s presence • Thefts from supply chains cost businesses in Europe alone more than in the Europe, Middle East & Africa (EMEA) region is greater than at any time in €8.2 billion a year* our history … and we are growing at a record pace. I kindly ask you to spend a • All types of products are now a target for cargo thieves** moment reading this invitation to find out more about us. • Cargo thefts recorded in 48 countries in EMEA in 12 months** I would also welcome a conversation with you to answer any further questions you may have. You can reach me at [email protected] • Average annual loss for major cargo crimes = €536,889** I hope we will be speaking soon. • Annual increase in recorded cargo thefts = 114.7%** • Supply chain theft incidents reported to TAPA in EMEA in 12 months** = 8,548 •
    [Show full text]
  • Influencer Marketing's Effects on B2C Brand Image: a Case Study of Nike
    Influencer Marketing's Effects on B2C Brand Image: A Case Study of Nike By: Judith Armenteras, Rebecca Paech & Iris Politiek Influencer Marketing's Effects on B2C Brand Image: A Case Study of Nike Judith Armenteras, Rebecca Paech & Iris Politiek Abstract Aim: To analyze how influencer marketing affects brand image. This is achieved by analyzing to which extend a B2C brand’s identity is effectively communicated to consumers through influencer marketing. Design/methodology/approach: This research is based on a single case study approach. Comparative focus groups were conducted to analyze the effects of Nike’s influencer marketing on consumers’ perceived brand image. Findings: In the empirical research, both the control groups’ and the influencer marketing groups’ perceived brand image matched closely Nike’s identity. Thus, the hypothesis that “Influencer marketing supports a better understanding of a B2C brand’s identity” was rejected in the context of this focus group study. Originality/value: This study represents a first attempt to analyze how a B2C brand’s influencer marketing affects its brand image. Keywords: Influencer Marketing, Brand Strategy, Brand Image, Brand Identity, Business to Consumer Branding, Consumer Buying Process. Paper type: Research paper. Introduction to connect with their consumers to create a lasting value and loyalty (Kapferer, 2012). The interest for strategic brand management stems from the key strategic role that brands Influencer marketing affects the stage of the have in companies (Melin, 2002). Firstly, customer mindset in the brand value chain offering a superior product than the (Keller, 2006). Influencer marketing is a tool competition is no longer a guarantee for to reach a large consumer group at once within success (Melin, 2002).
    [Show full text]
  • Happy Flyers Support Forum
    Subject: Stay On Spirit,The perfect sole mate Posted by markaholt on Wed, 27 Jan 2021 09:26:55 GMT View Forum Message <> Reply to Message "In line with a few of their adidas nmd r1 uomo releases, the upper coats in a fashion almost 8-bit-like in aesthetic. The various embellishments, which wrap from the toe box around to the heel counter, is embedded within the threads of the Primeknit, colored with shades of mint, orange, and light blue. Elsewhere, most of the fixtures are blacked out, including the Boost sole, the square molds atop, the laces, and the pulls along the ankle. </br></br> SneakersBR have just debuted the second chapter of their celebration of the adidas superstar donne, honouring the silhouette's 50th anniversary. But, this colab is extra special because it will also coincide with SneakersBR's 13th anniversary, hitting two anniversaries with one release. </br></br> The bread and butter of Kanye West's adidas yeezy boost 350 line is, without a doubt, the Yeezy BOOST 350 V2. After hearing whispers earlier in the year about the potential restock of the classic 'Bred' edition, it was confirmed via tweets from the big man himself. December was scheduled for the drop, and within a few days we'll be receiving the once ultra-hyped model back on shelves. Let's see if this drop will compare to a couple of years ago. </br></br> From cruising the streets of Melbourne's west to creating beats in his studio, musician Billy Davis sports timeless style in adidas' new Home of Classics addition: adidas scarpe supercourt.
    [Show full text]
  • Can Arcadia Stop the Rot? As Sir Philip Green's Fashion Empire Faces Tough Times, Gemma Goldiingle and George Macdonald Analyse How It Can Turn the Corner
    14 Retail Week June 16, 2017 Can Arcadia stop the rot? As Sir Philip Green's fashion empire faces tough times, Gemma Goldiingle and George MacDonald analyse how it can turn the corner ashion giant Arcadia, owner of famous One of the Arcadia brands facing the fascias such as Topshop, Evans and most competition is the jewel in its Dorothy Perkins, suffered a steep fall in crown - Topshop. profits last year. The retailer was once a haven for FThe retailer's annual report and accounts, fashion-forward young shoppers and filed at Companies House this week, showed exuded cool. that earnings took a£129.2m hit from excep- However, over the past decade tionals as onerous lease provisions and costs Zara, H&M and Primark have surged relating to the now defunct BHS had an impact. in popularity while pureplay rivals But even before such items were taken such as Asos and Boohoo are also rivalling into account, operating profit slid 16% from Topshop in the style stakes. £252.9m to £211.2m on sales down from Some industry observers believe it is no £2.07bnto£2.02bn. longer the automatic first-choice shopping Arcadia faces many of the same problems destination for its young customers. as its peers, such as changes to consumer GlobalData analyst Kate Ormrod says: spending habits and currency volatihty, as well "Online pureplays are now the first port of as some particular challenges of its own. call. They are dominating in terms of customer Arcadia said: "The retail industry continues engagement. Shoppers are on there first thing Has Topshop(above, to experience a period of major change as in the morning and last thing at night." right) lost its cool customers become ever more selective and Ormrod says that Topshop needs to do more despite attempts to value-conscious and advances in technology to engage its customers online and connect remain current? open up more diverse, fast-changing and more with popular culture.
    [Show full text]
  • 22/02/2021 Asos Launches Expanded Topshop & Topman Range
    ASOS LAUNCHES EXPANDED TOPSHOP & TOPMAN RANGE WITH TARGETED CUSTOMER AWARENESS CAMPAIGN LONDON, 22nd February 2021: ASOS, one of the world’s leading online fashion retailers, has today launched a multi-million-pound campaign targeted at Topshop and Topman customers, letting them know that they can shop their favourite brands on ASOS following their acquisition at the start of the month. The social-led campaign will run across YouTube, TikTok, Snapchat, Facebook and Instagram for two weeks from today and is targeted at driving awareness among customers in the UK, US and Germany. It coincides with the first major drops of new product from the brands on ASOS since the acquisition and marks the first moment that customers will be able to access a wider range of items on the ASOS platform. Available product has already doubled since early February, with plans in place to double it again over the next few weeks. José Antonio Ramos, Chief Commercial Officer at ASOS, said: “Topshop and Topman were well-established, strong-performing brands on ASOS prior to the acquisition, and we know our customers loved them just as much as us. Their integration with ASOS is going well, and our long-term plans to revitalise the brands and inject new life into them will translate into more new, exciting and fashion-led products launching in the months ahead.” Alongside activations and new customer discount codes in the UK and Germany, ASOS will be running 25%-off promotions for each of the brands across Europe, Australia and the US today and Tuesday, as a way of welcoming new and returning customers and inviting them to reexperience the brands.
    [Show full text]
  • Strategic Audit of Adidas Mason Wright University of Nebraska - Lincoln
    University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Honors Theses, University of Nebraska-Lincoln Honors Program Spring 4-11-2019 Strategic Audit of Adidas Mason Wright University of Nebraska - Lincoln Follow this and additional works at: https://digitalcommons.unl.edu/honorstheses Part of the Strategic Management Policy Commons Wright, Mason, "Strategic Audit of Adidas" (2019). Honors Theses, University of Nebraska-Lincoln. 135. https://digitalcommons.unl.edu/honorstheses/135 This Thesis is brought to you for free and open access by the Honors Program at DigitalCommons@University of Nebraska - Lincoln. It has been accepted for inclusion in Honors Theses, University of Nebraska-Lincoln by an authorized administrator of DigitalCommons@University of Nebraska - Lincoln. Strategic Audit of Adidas An Undergraduate Honors Thesis Submitted in Partial Fulfillment of University Honors Program Requirements University of Nebraska-Lincoln by Mason Wright, BS Computer Science College of Arts and Sciences April 11, 2019 Faculty Mentor: Sam Nelson, Ph.D., Management Abstract Adidas is a well-established brand in the world of sportswear and lifestyle clothing. In recent years, the company has been regaining success after a period of stagnation. Spurring this success is the renewed popularity of old classic shoe models and a surge in the lifestyle clothing trend. While adidas is doing well, it is not the top sportswear company in the world and is far behind in North America. In an attempt to boost the recent success even further, this thesis analyzes the current situation that adidas faces including its strengths, weaknesses, opportunities, and threats. With this information as a background, this paper then discusses potential new strategies for adidas, ultimately deciding that obtaining a larger number of star athlete endorsements is a strategy that could quickly make a large impact for the company.
    [Show full text]
  • A Case Study of Brand Associations for Yeezy Brand Garrett Kalel Grant Louisiana State University and Agricultural and Mechanical College, [email protected]
    Louisiana State University LSU Digital Commons LSU Master's Theses Graduate School 5-3-2018 A Case Study of Brand Associations for Yeezy Brand Garrett Kalel Grant Louisiana State University and Agricultural and Mechanical College, [email protected] Follow this and additional works at: https://digitalcommons.lsu.edu/gradschool_theses Part of the Fashion Business Commons Recommended Citation Grant, Garrett Kalel, "A Case Study of Brand Associations for Yeezy Brand" (2018). LSU Master's Theses. 4716. https://digitalcommons.lsu.edu/gradschool_theses/4716 This Thesis is brought to you for free and open access by the Graduate School at LSU Digital Commons. It has been accepted for inclusion in LSU Master's Theses by an authorized graduate school editor of LSU Digital Commons. For more information, please contact [email protected]. A CASE STUDY OF BRAND ASSOCIATIONS FOR YEEZY BRAND A Thesis Submitted to the Graduate Faculty of the Louisiana State University and Agricultural and Mechanical College in partial fulfillment for the degree of Master of Science in The Department of Textiles, Apparel Design, and Merchandising by Garrett Kalel Grant B.S., Tuskegee University, 2014 August 2018 This thesis is dedicated to my grandfather, A. Grant Sr. You always believed in me and everything I set out to do. I would not be at this very point in my life without your 26 years of guidance in it. I hope that this work acts as a reflection of the lessons, morals, and values you instilled in me over the years. I love you Granddaddy! (R.I.P. Arthur Grant Sr. 3.27.27-11.23.17) ii ACKNOWLEDGEMENTS I want to first begin by extending my gratitude to the entire department of Textiles, Apparel Design, and Merchandising for accepting me into this program at Louisiana State University.
    [Show full text]
  • Sports Direct International Investor Relations
    Sports Direct International Investor Relations Sometimes amorous Ricki philters her adenoidectomies symbolically, but unmarked Lance interloped superserviceably or ceils ajar. Micrologic or gouty, Zollie never exasperated any blockage! Flamy and surface-to-surface Ryan always crunches phylogenetically and farcing his simaroubas. Financial statements of international sports direct international property portfolio of staff, which dividend offered on Board and the management team, including Mike Ashley and Jon Kempster, have attended Committee meetings during the year at my invitation so that they can keep the Committee informed of important developments in the Business and the risk and control environment. This site constitutes a third party branded goods from licensing division, sports direct international investor relations would not been successfully upgraded. Attorney General pick, according to CNN and the Washington Post. Rangers fans with access to those email addresses it could be excellent. The necessary skills graduate employers or dividend account has a review, an investor relations ltd also assisted. Harrods of Knightsbridge: Brashers acquired the rights to retail sports shoes at the prestigious store. This article is. Our relationships with suppliers ensures that we are able to source key items at short notice, should this be required. The investor relations agency which have well when it was an error occurred while activating your account within this essay writing service perfectly matched by sports direct international investor relations, as a struggling video gaming. He was also among the top fundraisers for Biden. Price data has been updated. Shareholders are understood to be currently engaging with the company over their governance and labour concerns.
    [Show full text]
  • Nordstrom and ASOS: a Game-Changing Joint-Venture
    Nordstrom and ASOS: A Game-Changing Joint-Venture July 12, 2021 We're excited to announce a new joint venture with ASOS, an online retailer for fashion-loving 20-somethings around the world with a purpose to give its customers the confidence to be whoever they want to be. What the venture entails: We're acquiring a minority interest in ASOS Holdings, which holds the Topshop, Topman, Miss Selfridge and HIIT brands to help drive the growth of these brands and sit alongside a new wider strategic partnership. ASOS will retain operational and creative control of Topshop, Topman, Miss Selfridge and HIIT brands. A shared ownership model with a Nordstrom seat on the ASOS Holdings board will ensure close collaboration between us and ASOS, driving a stronger future for the iconic Topshop, Topman, Miss Selfridge and HIIT brands worldwide. We will now have the exclusive multi-channel retail rights for Topshop and Topman in all of North America, including Canada and own a minority stake globally. We will also become the only brick-and-mortar presence for these brands worldwide. Why this is a big deal: President and Chief Brand Officer Pete Nordstrom said it best, "We could not have found a better partner in ASOS, the world leader in fashion for the 20-something customer, and are thrilled to have the opportunity to work with them to reimagine the wholesale/retail partnership. Bringing the ASOS brands, including Topshop and Topman, to our customers allows us to create newness and excitement and offer more relevant products to this dynamic customer segment so we can continue to deliver on our commitment to help them feel good and look their best." This investment will help drive the growth of these brands globally, setting the stage for us and ASOS to sit alongside a new wider strategic partnership.
    [Show full text]