London — Asos agreed on Monday to buy Topshop, one of Britain’s best-known apparel brands, and several other labels for £295m, as online fashion retailers swoop in to purchase established retail names that are closing stores.

Arcadia, the insolvent retail empire of Philip Green, will sell the Topman, Miss Selfridge and HIIT brands to Asos in the all-cash transaction, according to a statement. The purchase includes £30m of inventory. Asos shares rose as much as 4.6% in London...

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