Nordstrom Acquires Stake in Four U.K. Apparel Brands, to Attract Younger Shoppers
President Pete Nordstrom said the agreement could change the way department stores collaborate with brands.
Seattle-based Nordstrom has taken a share in four brands owned by British online fashion house, Asos, CNBC reports. The retailer's stake in Topshop, Topman, Miss Selfridge and activewear line HIIT aims to lure younger customers in their 20s whose spending power is expected to rise.
Nordstrom stores have been exclusive distributors of Topshop and Topman since 2012. In a statement, President Pete Nordstrom says the stake expands on the relationship.
"Bringing the Asos brands, including Topshop and Topman, to our customers allows us to create newness and excitement."
The latest stake gives Nordstrom exclusive retail rights in North America, making it the brick-and-mortar locations in the world offering the two brands. Asos will still control creative and operational channels of the Topshop brands.
Financial terms of the deal were not disclosed but Nordstrom did say the investment could lead to a broader partnership with Asos in the future.
Customers will be able to pick up online orders from Asos at Nordstrom and Nordstrom Rack stores starting this fall.
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