UK’s ASOS signs joint venture deal with US retailer Nordstrom
ASOS, a British online fashion and cosmetic retailer, has established a joint venture with American luxury department store chain Nordstrom.
The joint venture has been formed via Nordstrom’s acquisition of a minority stake in the Topshop clothing, shoes, and accessories brand, Topman men’s online fashion store, HIIT clothing brand, and high street store chain Miss Selfridge.
According to the parties, the joint venture will help bring in the growth of the brands and lay the foundation for exploration of a new broader partnership for creating greater awareness and engagement in the US and Canadian markets.
ASOS will retain operational as well as creative control of the Topshop brands. A shared ownership model is expected to enable close collaboration between ASOS and the US luxury department store chain.
Nick Beighton – CEO of ASOS said: “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.
“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 operates two brands with more than 350 physical stores and sites with nearly two billion annual visits.
The American retailer has been the exclusively distributing the Topshop and Topman brands since 2012 in the US. It will now be entitled with the exclusive multi-channel retail rights for Topman and Topshop in all of North America, including Canada, besides having a minority stake globally.
Besides, Nordstrom will be the only brick and mortar presence for the brands globally.
Pete Nordstrom – President and Chief Brand Officer of Nordstrom said: “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.
“Bringing the ASOS brands, including Topshop and Topman, to our customers allows us to create newness and excitement for this important dynamic customer segment.”