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)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.
Before you consider Nordstrom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Nordstrom wasn't on the list.
While Nordstrom currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
