Shoppers walk near an entrance to a Nordstrom store at a shopping mall in Pittsburgh on Wednesday, Feb. 24, 2021. Nordstrom says it's acquiring a minority interest in four fashion brands owned by a British company called Asos as the department store aims to reach out to younger customers. The brand - Topshop, Topman, Miss Selfridge and HIIT - were purchased by Asos in February after their previous owner and British fashion empire Arcadia Group filed for bankruptcy in late 2020. (AP Photo/Keith Srakocic)
Republished July 12, 2021 - 6:31 AM
Original Publication Date July 12, 2021 - 5:41 AM
NEW YORK (AP) — Nordstrom says it's acquiring a minority interest in four fashion brands owned by a British company called Asos as the department store chain aims to attract more customers in their 20s.
The brands— Topshop, Topman, Miss Selfridge and HIIT— were purchased by Asos in February after their previous owner and British fashion empire Arcadia Group filed for bankruptcy in late 2020. The financial terms weren't disclosed.
As part of the agreement, announced Monday, Asos will retain operational and creative control of the Topshop brands. But Nordstrom will now have the exclusive retail rights for Topshop and Topman in all of North America, including Canada, and own a minority stake globally. The Seattle-based retailer will also become the only store presence for these brands worldwide. And customers will also be able to pick up Asos.com orders at Nordstrom and Nordstrom Rack stores starting this fall.
The investment paves the way for the potential of a wider strategic alliance between Asos and Nordstrom, according to a company release.
Nordstrom has been the exclusive distributer of Topshop and Topman in the U.S. since 2012 when the department store retailer became the first to bring the brand to the U.S. market.
Pete Nordstrom, president and chief brand officer at Nordstrom, said in a statement that this acquisition offers “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 dynamic customer segment," Nordstrom said.
News from © The Associated Press, 2021