One of the largest US-based luxury department store chains announced over the weekend that it purchased a minority stake in four apparel brands
The deal's financial terms were not disclosed, but now Nordstrom owns a stake in Topshop, Topman, Miss Selfridge and HIIT – brands owned by the online UK fashion house Asos. Under the agreement, Nordstrom will have exclusive retail rights for Topshop and Topman across North America, while Asos will retain operational and creative control.
Pete Nordstrom, Chief Brand Officer and Nordstrom President, revealed that he views the deal to redefine the company's business model by working with a retailer. He expects the possibility of more strategic partnerships in the future.
The Asos-backed products will be available at all Nordstrom and Nordstrom Rack locations through pick up starting this fall.
At the moment of writing, Nordstrom stock price is 6.64%. The company's shares are up 15% year-to-date and reached a market cap of $5.7 billion.
Sources: cnbc.com, finance.yahoo.com