SEATTLE, July 12, 2021 /PRNewswire/ -- Today, Nordstrom
(NYSE: JWN) and ASOS announced that Nordstrom has acquired a
minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands. This investment
will help drive the growth of these brands globally, setting the
stage for Nordstrom and ASOS to sit alongside a new wider strategic
partnership. This innovative partnership will involve unprecedented
collaboration and alignment, redefining the traditional
retail/wholesale model.
Whilst ASOS will retain operational and creative control of the
Topshop brands, a shared ownership model will ensure close
collaboration between the U.S. retailer and ASOS, driving a
stronger future for the iconic Topshop brands
worldwide. Nordstrom is a leading multichannel retailer, with
unmatched physical and digital reach in North America, operating two powerful brands
with over 350 physical stores and sites that attract almost 2
billion annual visits. The retailer has been the exclusive
distributer of Topshop and Topman in the U.S. since 2012
when they became the first to bring the brand to the U.S. market.
Nordstrom will now have the exclusive multi-channel retail rights
for Topshop and Topman in all of North
America, including Canada
and own a minority stake globally. The retailer will also become
the only brick and mortar presence for these brands worldwide.
"With its long-established connection to Topshop, extensive U.S.
consumer insight and unparalleled reach right across North America, Nordstrom is the right partner
to help ASOS accelerate the growth of our Topshop and ASOS brands
in this key market," said Nick
Beighton, Chief Executive Officer at ASOS. "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 the
growth in our brands in Nordstrom stores."
The investment paves the way for the potential of a wider
strategic alliance between ASOS and Nordstrom as they seek to
leverage their complementary retail models to give even more
20-somethings the confidence to be whoever they want to
be. The companies are in discussions to create a multi-channel
showcase for a handful of ASOS brands for Nordstrom
customers. Customers will also be able to pick
up Asos.com orders at Nordstrom and Nordstrom Rack stores this
fall.
"We could not have found a better partner in ASOS, the world
leader in fashion for the 20-something customer, and are thrilled
to have the opportunity to work with them to reimagine the
wholesale/retail partnership," said Pete
Nordstrom, President and Chief Brand
Officer. "Bringing the ASOS brands, including Topshop and
Topman, to our customers allows us to create newness and excitement
for this important dynamic customer segment."
ABOUT NORDSTROM
At Nordstrom, Inc. (NYSE: JWN), we
exist to help our customers feel good and look their best. Since
starting as a shoe store in 1901, how to best serve customers has
been at the center of every decision we make. This heritage of
service is the foundation we're building on as we provide
convenience and true connection for our customers. Our
digital-first platform enables us to serve customers when, where
and how they want to shop – whether that's in-store at more than
350 Nordstrom, Nordstrom Local and Nordstrom Rack locations or digitally through
our Nordstrom and Rack apps and websites. Through it all, we remain
committed to leaving the world better than we found it.
ABOUT ASOS
ASOS is an online retailer for
fashion-loving 20-somethings around the world, with a purpose to
give its customers the confidence to be whoever they want to be.
Through its market-leading app and mobile/desktop web experience,
available in ten languages and in over 200 markets, ASOS customers
can shop a curated edit of 85,000 products, sourced from 850 of the
best global and local third-party brands and its mix of fashion-led
in-house labels - ASOS Design, ASOS Edition, ASOS 4505,
Collusion, Reclaimed Vintage, Topshop, Topman, Miss Selfridge and HIIT. ASOS aims to give all
of its customers a truly frictionless experience, with an
ever-greater number of different payment methods and hundreds of
local deliveries and returns options, including Next-Day Delivery
and Same-Day Delivery, dispatched from state-of-the-art
fulfilment centres in the UK, US and Germany.
Certain statements in this press release contain or may
suggest "forward-looking" information (as defined in the Private
Securities Litigation Reform Act of 1995) that involves risks and
uncertainties that could cause results to be materially different
from expectations. The words "will," "may," "designed to,"
"outlook," "believes," "should," "targets," "anticipates,"
"assumptions," "plans," "expects" or "expectations," "intends,"
"estimates," "forecasts," "guidance" and similar expressions
identify certain of these forward-looking statements. All
statements contained or incorporated in this press release or in
any other public statements that address such future events or
expectations are forward-looking statements. These forward-looking
statements are not guarantees of future performance and speak only
as of the date made, and, except as required by law, the Company
undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent events, new information or future
circumstances.
Contact:
Gigi
Ganatra
NORDSTROM
Gigi.Ganatra@nordstrom.com
Ellen Freeth
ASOS
ellen.freeth@asos.com
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SOURCE Nordstrom, Inc.; ASOS