ASOS acquired the brand Topshop from collapsed Arcadia Group in 2021, along with its Topman, Miss Selfridge and HIIT brands in a deal valued at £265m ($321).
The potential sale talks are said to be at the early stage of the process.
As of now, there is no certainty that the sale will proceed, nor is it clear whether talks were held with any potential buyers.
The possible sale option of the brand could be one of the several alternatives being explored by ASOS chief executive Jose Antonio Ramos Calamonte, who took over the role last year.
With the 12-month turnaround plan, Ramos Calamonte aims to optimise its operating performance and reduce costs.
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An ASOS spokesman was quoted by Sky News as saying: “ASOS as a policy does not comment on rumour or speculation.”
The news comes after the UK-based online fashion and cosmetic retailer reported 15% year-on-year (YoY) sales decline in the fourth period of fiscal year 2023.
The retailer has delayed the publication of its full year results until 1 November 2023, saying its auditor PricewaterhouseCoopers (PwC) needs more time to complete its planned testing.
In May this year, ASOS secured £275m of new debt facilities from a specialist lender, Bantry Bay Capital.
In June this year, the British daily newspaper the Times reported that ASOS secured a takeover bid from Turkish online retailer Trendyol.