Nordstrom (NYSE: JWN) announced Sunday that it had acquired a minority stake in apparel brands owned by Asos as a means of attracting a younger consumer base. The brands include Topshop, Topman, Miss Selfridge and HIIT. Financial details on the agreement have yet to be disclosed.
The retail giant is set to sell the brands online and within its 350 locations. Shoppers will be able to buy and return Asos items within Nordstrom stores.
“Partnering with Nordstrom will support our US strategy, allowing us to offer that to even more 20-somethings in North America,” the Asos chief executive, Nick Beighton, said.
According to Nordstrom President and Chief Brand Officer Pete Nordstrom, the partnership has the possibility of redefining how the store chain works with other brands. Furthermore, he hinted that the deal could lead to additional strategic alliances with Asos.
“Bringing the Asos brands, including Topshop and Topman, to our customers allows us to create newness and excitement,” Pete Nordstrom said in a statement.
Since 2012, the department store has been the exclusive distributor of Topshop and Topman within the United States. Nevertheless, amid the agreement, Nordstrom will now be the only store to sell the brands globally.
“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,” said the Nordstrom president and chief brand officer, Pete Nordstrom.
Nordstrom shares have risen 15% year to date and has a current market cap of USD5.7 Billion.