Nordstrom has acquired a minority stake in Topshop and three of its sister brands, Topman, Miss Selfridge and HIIT brands, for an undisclosed amount.
“We could not have found a better partner in ASOS, the world leader in fashion for the 20-something customer, and are thrilled to have the opportunity to work with them to reimagine the wholesale/retail partnership,” said Pete Nordstrom, president and chief brand officer of the 120-year-old family company, in a statement.
“Bringing the ASOS brands, including Topshop and Topman, to our customers allows us to create newness and excitement for this dynamic customer segment.”
The move comes less than six months after ASOS acquired the three labels for $410 million.
Under the terms of the deal, ASOS will retain operational and creative control of the Topshop brands. Nordstrom, however, will gain exclusive multi-channel rights for the brands across North America, including Canada, and become the only brick and mortar presence for the brands globally starting fall this year. In addition, starting this fall, customers will be able to pick up ASOS.com orders at Nordstrom and Nordstrom Rack stores.
“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.
“ASOS is all about giving customers the confidence to be who they want to be. Partnering with Nordstrom will support our US strategy, allowing us to offer that to even more 20-somethings in North America. We’re excited about the opportunities ahead, collaborating to deliver the best product through engaging, friction-free multi-touch experiences and we can’t wait to see the growth in our brands in Nordstrom stores.”
Nordstrom’s move to acquire a minority stake in the three brands comes at a time when consumers are returning back to shopping in physical stores, albeit with new digital-first habits.
ASOS reportedly witnessed its profits increase 253 percent year-on-year during the first 12 months of the pandemic.