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Asos paid a further £65m for current and pre-ordered stock.
The web retailer, which had sales of more than £3bn last year, described the move as a “strategically compelling opportunity to acquire four strong, iconic fashion brands”.
Asos said it would fully integrate the brands – which it said would “resonate well with our core customer base” – into its online sales platform.
In a note to investors on Monday morning, Asos said it would take on around 300 employees as part of the deal, which will not include the brands’ stores.
However Nick Beighton, chief executive officer at Asos, said the company was "looking at" the possibility of keeping hold of Topshop’s flagship Oxford Street store.
He admitted that the move is "not a priority" and that Asos is "not a store business", but that it was weighing up the benefits of continuing to operate from the central London location in some capacity.
Mr Beighton said: “We are extremely proud to be the new owners of the Topshop, Topman, Miss Selfridge and HIIT brands.
“The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy.
“We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.”
Last week, Boohoo said it was in exclusive talks to buy the Dorothy Perkins, Wallis and Burton brands in a move which will also not include any stores.
Arcadia collapsed into insolvency at the start of December after pandemic closures further exacerbated the group’s financial troubles.
Retail analyst Richard Hyman said he thought it would be a "smart move" for Asos to keep the Oxford Street store.
"I personally think they should definitely hold on to it," he said.
"These have to be long-term decisions and at some point this year the shops will reopen and Oxford Street is the biggest shopping street in western Europe.
"I'd position the Topshop store among Selfridges and the two Primark stores as one of the main shops on Oxford Street. I'd put it above John Lewis, M&S and others."