The global chain of department stores will sell fashion brands aimed at a younger audience.
The American chain of luxury department stores Nordstrom has signed an agreement with British retailer Asos to buy a share of four brands it owns. It will include such famous brands as Topshop, Topman, Miss Selfridge, and HIIT. Earlier in February 2021, Asos bought these brands from the bankrupt Arcadia Group for $364 million. The amount of the deal with Nordstrom was not disclosed.
As a result of the agreement, which was the first-ever partnership in retail for the British company, Asos will sell its brands in Nordstrom department stores. It has already been announced that shortly, Topman, Topshop, and other brands will appear on the counters of separate stores of the chain and the official website.
Nordstrom will have exclusive retail rights to these brands in North America. In addition, after the realization of the deal, stores of the department store chain will become the only shopping space in the world, where it will be possible to buy such brands as Topshop and Topman. Thus, Asos, previously focused on the online sales model, plans to attract customers in the U.S. and Canada; first of all, we talk about young people, the foremost connoisseur of the mentioned fashion brands.
At the same time, Asos will retain complete operational and creative control over the development of brands, gaining access to a growing network of Nordstrom outlets. Further cooperation is planned to develop, aligning with Asos' strategy to enter the North American market.
13 JULY 2021, USA