The Nordstrom deal to acquire four ASOS brands marks the first time the retailer has invested in fashion brands.
Nordstrom has acquired a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands owned by Asos, the London-based fashion website.
The transaction also reflects Nordstrom’s efforts to bolster its appeal to younger shoppers. For decades, the retailer’s image was rooted in catering to more traditional and mature audiences, though in the past decade, Nordstrom has made several initiatives to achieve a greater balance in the business, including staging pop-ups and collaborations with emerging and advanced designers, notably the Dover Street Market Incubator Brands, as well as establishing a wholesale relationship with Madewell.
Sunday’s announcement did not specify how much money Nordstrom invested in the four brands, or its percent stake in them. The minority stake is in the four brands, not Asos itself. The retailer said the new partnership will involve “unprecedented collaboration and alignment.” “With its long-established connection to Topshop, extensive U.S. consumer insight and unparalleled reach right across North America, Nordstrom is the right partner to help Asos accelerate the growth of our Topshop and Asos brands in this key market,” said Nick Beighton, chief executive officer at Asos, which on its website lists about 850 brands selling women’s, men’s, accessories, beauty and footwear. “Asos is all about giving customers the confidence to be who they want to be.
At one time under former owner Sir Philip Green’s Arcadia Group, Topshop had 11 stores operating in the U.S., in New York, Los Angeles, Atlanta, Las Vegas, San Diego, Chicago, Houston and Miami, but all were closed a few years ago. The company blamed intense competition from the internet and tough market conditions in the U.S. Topshop filed in a U.S. court for Chapter 15 bankruptcy protection, which provides foreign company protection from creditors.
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