Topshop could return to the high street under plans by Asos to sell the brand to Authentic Brands Group.
The US company, which owns brands including Ted Baker, Reebok and Forever 21, failed to take control of Topshop in 2020.
Asos bought the brand in February 2021, but decided against buying any of its 70 stores.
In its latest annual report, Asos valued Topshop’s assets, which include Topman and Miss Selfridge, at £265m.
