Struggling Asos received a £1bn approach from Turkish online retailer Trendyol, which is backed by Chinese giant Alibaba, late last year. The deal would have valued the etailer at between £10 and £12 a share, substantially higher than the £3.
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50 they are now valued at.
Trendyol is understood to have been working with Morgan Stanley on the bid. Trendyol, which raised $330 million (£265 million) from Alibaba in 2021, is thought to have contacted Bestseller owner Anders Holch Povlsen, Asos’ largest shareholder, about the deal to see if he would participate.
ASOS – a London-based clothing company that sells multiple apparel lines that targets customers in the 16-30 age range. ASOS has no brick and mortar retail stores, and they depend on e-commerce for all of their business.
It turns out that ASOS is actually an acronym based on its original name, As Seen On Screen. When the fashion brand first launched in 2000 under its original name, it sold clothes worn on TV by celebrities and famous faces, giving shoppers the chance to buy what they were wearing.
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The retailer is also understood to have angered shareholder Frasers Group after it snubbed its offer of investment. According to The Telegraph, Frasers CEO Michael Murray had contacted Asos executives prior to the refinancing and had offered to invest further in the online retailer for an additional 5 percent in the firm.
Asos was booted out of the FTSE 250 this week after the value of its shares plunged 93 percent in the past two years.
