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Nordstrom announced last weekend that it has purchased a minority stake in four leading clothing lines that are owned by UK’s online fashion house Asos.
The American luxury department store chain acquired stakes in Topshop, Miss Selfridge, Topman, and HIIT, an activewear brand. Nordstrom’s main aim for the acquisition of stakes is said to be to attract and appeal to younger shoppers who are in their 20s.
Nordstrom’s deal may open new possibilities for further partnerships
According to CNBC, Pete Nordstrom, the company’s president and chief brand officer, is viewing the team up with Asos as a means to redefine the business model of a wholesaler working with a retailer like Nordstrom. Moreover, he is also looking into the possibility of further strategic partnerships with UK brands in the future.
While Asos will maintain the operational and creative control of its Topshop labels, Nordstrom will be given exclusive retail rights for the Topman and Topshop outlets and businesses in North America.
It was learned that Nordstrom has been an exclusive distributor of the said labels in the United States since 2012, and now the deal has given the department store the rights to be in full control in the U.S. and Canada.
Nordstrom looking at big potentials for its investment
The company will now be the only physical outlet for Topshop and Topman. For customers who bought items online, they will be able to pick up their purchases at Nordstrom department stores as well.
"Bringing the Asos brands, including Topshop and Topman, to our customers allows us to create newness and excitement," Pete Nordstrom said after the purchase of stakes.
Finally, Nordstrom Inc. may have acquired just a minority stake in Asos’s four labels, but it is looking at a bigger picture. The deal may create more business opportunities, and as noted by Fox Business, the luxury department store chain believes that its investment paves the way for greater collaboration. In fact, Nordstrom and Asos are said to be considering the creation of multi-channel showcases for several of the latter’s labels that will be exclusive to Nordstrom customers.
