US-based luxury department store chain Nordstrom has established a joint venture partnership with British online fashion and cosmetic retailer ASOS.
Under the agreement, Nordstrom has acquired minority shareholdings in ASOS’s Topshop, Topman, Miss Selfridge and HIIT apparel brands.
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The joint venture aims to expedite the growth of these brands and allow greater strategic partnership in the US and Canadian markets.
The financial terms of the deal have not been disclosed.
Nordstrom president and chief brand officer Pete Nordstrom said: “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 and 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.”
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By GlobalDataASOS CEO Nick Beighton said: “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 our ASOS edit in Nordstrom stores.”
Following this deal, ASOS will retain operational and creative control of the Topshop brands, while Nordstrom will have exclusive retail rights for Topshop and Topman across North America.
ASOS will launch its best-selling brands on Nordstrom’s website and select retail stores, as well as rolling out its click and collect services across Nordstrom’s US store footprint.
Last month, Nordstrom partnered with Canadian apparel retailer INDOCHINO to open shop-in-shops at its US stores.
The company recorded a 44% increase in net sales in the first quarter of this year, exceeding its expectations.
