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In fashion: Asos revealed it has agreed to sell a 75 percent stake
Fast fashion giant Asos has sold Topshop to a Danish billionaire despite a higher offer from Chinese rival Shein.
Asos revealed last week that it had agreed to sell a 75 per cent stake in Topshop and Topman to its largest shareholder, Heartland, owned by retail tycoon Anders Holch Povlsen, for £135m.
However, Shein and Authentic Brands Group had made a joint offer of £215.5m, according to the Sunday Times.
Shein has disrupted and stolen market share from Asos and its competitors Boohoo and PrettyLittleThing.
It is considering a £50bn flotation in London, possibly this autumn.
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