Wet summer and tough competition have hurt online fashion retailer but news of 75% stake sale lifts shares
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Asos has sold a majority stake in Topshop for £135m in a deal that will help it repay debts as fashion retailers struggle after a soggy summer and amid heavy competition.
The online fashion seller said it had sold a 75% stake in Topshop, the group which it bought just over three years ago for £330m, to Heartland, an arm of Bestseller, the Danish fashion business controlled by the major Asos shareholder Anders Povlsen.
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