Topshop relaunch on horizon: What to expect from the once prevalent high street brand?

Topshop and Topman (TSTM), once known for their trend-driven, high street-boosting formula, could be on the way to reclaiming this status under the watchful eye of a new majority owner and industry veterans. Its hint of a “return” via social media, after years of operating solely under the scope of Asos’ own e-commerce site, has sparked renewed anticipation from fans of the brand, as they await what is to come during its next chapter.

Buzz began emanating on February 27, when three posts appeared on Topshop’s main Instagram account, with captions reading: “Watch this space.” The subtle messaging was accompanied by a short video of flashing TSTM logos atop a black and white backdrop of what appeared to be new campaign imagery–yet the speed of the videos makes it hard to confirm what the images depict. Many took the posts as a sign that a new dedicated e-commerce site was imminent.

While some comments expressed excitement at the potential of a website, others called on TSTM to take things further and make a physical return to the high street, an area it was once considered to have reigned. And it appears that such a request may not be so farfetched. On March 5, the Instagram accounts of the two brands shared a video of London mayor Sadiq Khan talking about memories of shopping with his daughters in Topshop’s former flagship store on Oxford Street. “Dear Sadiq, give the people what they want,” the caption read, a message that commenters only agreed with.

Winds of change under new management and ownership

Though communication has now gone consumer-facing, TSTM’s return to a sole entity was already confirmed to be on the cards upon the establishment of a joint venture deal between Asos and holding company Heartland, which now owns a 75 percent stake in the business worth 135 million pounds. It was here that Asos revealed its intention to relaunch Topshop.com within six months of the transaction’s completion (October 2024) and expand the two labels through select online and offline wholesale channels.

Asos had snapped up TSTM and its sister brand Miss Selfridge in 2021 in a 265 million pound deal that rescued it from the clutches of bankruptcy under its former parent firm, Arcadia Brands. The company had since set about revitalising TSTM’s visual identity and collections, drawing on their respective archives but under a modernised and united under banner. Now, with Asos similarly finding itself in a financially precarious position, the e-tailer had sought to improve balance sheet strength as part of a wider transformation plan, and thus, TSTM found a new part-owner.

Through the joint venture, Asos has been granted a 10-year licence, extendable up to 25 years, allowing it to continue designing TSTM products for global distribution and selling the brands’ products via its website. Asos will be further responsible for operating the Topshop.com and Topman.com global websites, meaning much of its operations will remain under the wing of the e-tailer for the foreseeable future.

This also pertains to wholesale, for which Asos has been granted the exclusive rights in the UK and North America, with regions outside falling in the realm of Heartland’s responsibilities. Michelle Wilson has been tasked with heading a newly formed cross-functional team, taking on the title of managing director of wholesale for TSTM. It is here where the physical future of the two brands remains murky, however.

An Oxford Street revival among wider brick-and-mortar considerations

In its financial report for 2024, Asos kept plans vague, stating that while it was to explore both online and offline opportunities for TSTM, a return to the high street could happen either within partner or owned stores. Wholesale is already a familiar venture for Topshop, with the brand having set up shop in Nordstrom stores and its online site back in 2022 after the US department store giant made a minority investment in the label. The idea at the time was to expand Topshop’s customer reach, as akin to the mission in the present day, yet potential partners remain unknown.

Most hype, however, will be centred around the possibility of standalone stores for the TSTM brands, particularly on Oxford Street, where the once expansive Topshop sat as a cornerstone to the iconic London shopping destination. Like high streets across Britain, the site has been subject to a difficult consumer landscape in the backdrop of a national cost-of-living crisis and a struggle to convince tourists to return to the capital. Mayor Khan has recently introduced proposals that could turn the street into a pedestrianised zone and, though those plans need approval from respective authorities and the public, it hints at efforts to turnaround the area, where many stores have been forced to shutter in response to the challenges faced.

Topshop would therefore be a welcome return to Oxford Street, even in spite of the tumultuous time retail has been having. Its past presence on high streets across the UK, and other regions where it operated, was a significant driver in bringing young shoppers to town centres. And as the market evolves, there is renewed opportunity to tap into new generations. The responsibility of physical retail expansion falls into the hands of Heartland, which, upon the formation of the joint venture, secured the rights to open branded stores globally. Yet, as already mentioned, not much has been made certain, and while a dedicated e-commerce site is quite definitive, what shape the rest of this relaunch will take is still to be determined.