Topshop will return to physical retail, but not how you'd expect
Topshop is heading back to the high street - but not in the way most of us would have anticipated. Four years after being rescued by ASOS, the once-iconic British brand will initially return to physical retail, not with standalone stores, but through a new wholesale strategy.
ASOS CEO José Antonio Ramos Calamonte said that Topshop's trend-led clothing will soon be available in select partner retailers’ stores as part of a broader plan to revive the beloved British brand.
While many expected a potential flagship comeback, Ramos Calamonte clarified: "I’m not talking about a standalone store. We haven’t ruled out anything. Of course not." While Topshop stores aren’t off the table long term, the immediate focus is on third-party retail distribution.
According to reports, Topshop's return to brick-and-mortar will come via traditional wholesale arrangements rather than shop-in-shop concessions.
The wholesale move not only marks a new chapter for Topshop but also reflects a significant shift in strategy for ASOS, which historically operated as an online-only platform.
According to Katie Mitchell, Managing Director at creative agency Seen Studios and former Senior Creative at Topshop, "ASOS and Topshop are surely missing a trick here." Adding that the brand should harness the buzz it's creating and "make a splash about its return to physical retail".
In her opinion, "To stand out, it should dive into culturally relevant, creative spaces, championing pop-ups and experiences that foster authentic connections with its audience. Younger consumers, now demanding more meaningful in-person interactions, offer Topshop a golden opportunity to reassert its place in their lives, but only if it can once again lead the charge in bold, new ways. Without this renewed engagement, it risks missing the opportunity to connect with shoppers and may instead fade quietly into obscurity."
Alongside its wholesale return, Ramos Calamonte said: "The first step of this comeback is Topshop.com." ASOS is preparing to launch Topshop.com, a dedicated e-commerce site set to go live in the second half of 2025. The site will exclusively house Topshop’s collections, giving the brand a distinct digital footprint once again.
After the collapse of Topshop's owner, Arcadia Group, ASOS purchased Topshop and Topman, the former jewels in the crown of the conglomerate's empire, for £265 million in March 2021. The deal involved the purchase of the brand and online business only, resulting in the closure of all of Topshop and Topman's physical retail stores. ASOS rolled the e-commerce sites into its own online platform. Although this kept the brand from fading into the abyss, it has arguably not been the same since.
In October 2024, ASOS sold Topshop and Topman to a joint venture led by Heartland, which represents ASOS shareholder Anders Holch Povlsen and his fashion business Bestseller. As soon as the news broke, speculation stirred that the brand was headed back to the high street.
At least fans of the brand can expect to see Topshop back on the rails, even if it is in someone else’s store.
