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Nordstrom acquires minority stake in Asos brands

Jul 12, 2021 United States
Nordstrom acquires minority stake in Asos brands
Asos has formed a joint-venture with US-based multi-channel retailer Nordstrom, which will invest for a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands
According to the two parties involved: "The joint-venture will help drive the growth of these brands and paves the way for exploration of a new wider strategic partnership aimed at building greater awareness and engagement in the US and Canadian market".

Nordstrom has a physical and digital reach in North America translated in more than 350 physical stores alongside online platforms that attract almost two billion annual visits. The two brands already have a relationship, as Nordstrom has been the first US retailer to offer the Topshop items to the US market, since 2012.

Under the joint-venture agreement, Asos will retain operational and creative control, but "work with Nordstrom to leverage its US market expertise and extensive customer reach to build an exciting future for these brands in their second biggest market".

Nordstrom will be Asos first-ever retail partner, which will "see an edit of the best Asos brands launching across Nordstrom.com and in selected high-impact Nordstrom stores". Further to this, Asos click and collect services will be rolled out across the wider Nordstrom store estate as the next step in continuing to enhance the ASOS proposition for its US customers.

"With its long-established connection to Topshop, extensive US 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 (...) 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 our Asos edit in Nordstrom stores", commented Nick Beighton, CEO at Asos.

Pete Nordstrom, President and Chief Brand Officer at the US-retailer, added: "We could not have found a better partner in Asos, the world leader in fashion for the20-something customer. We're excited about offering the Asos brands to our customers and we know we can help further amplify the recognition of the already popular Topshop and Topman brands. We are thrilled to have the opportunity to work with Asos to reimagine the wholesale/retail partnership and are excited about our potential as we expand our product offering to a broader audience and deliver on our commitment to helping our customers feel good and look their best." 

Image credits: shop-eat-surf.com

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