LONDON, UK: ASOS Plc has formed a joint-venture with US-based multi-channel retailer, Nordstrom, which will invest for a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands, a news release said.
The joint-venture will help drive the growth of these brands and paves the way for exploration of a new wider strategic partnership aimed at building greater awareness and engagement in the US and Canadian market.
Nordstrom has an unrivalled physical and digital reach in North America, operating more than 350 physical stores alongside online platforms that attract almost two billion annual visits. It already has a strong history with Topshop, having been the first US retailer to offer the brand to the US market as far back as 2012.
Under the joint-venture agreement, ASOS will retain operational and creative control, but work with Nordstrom to leverage its US market expertise and extensive customer reach to build an exciting future for these brands in their second biggest market.
The joint-venture paves the way for wider collaboration between ASOS and Nordstrom as we seek to leverage our complementary retail models and customer insight. ASOS is working with Nordstrom to debut as its first-ever retail partner, which will see an edit of the best ASOS brands launching across Nordstrom.com and in selected high-impact Nordstrom stores. Further to this, ASOS click and collect services will be rolled out across the wider Nordstrom store estate as the next step in continuing to enhance the ASOS proposition for its US customers.
Nick Beighton, CEO, commented: “With its long-established connection to Topshop, extensive US 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.
“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.”
Pete Nordstrom, President and Chief Brand Officer, commented: “We could not have found a better partner in ASOS, the world leader in fashion for the 20-something customer.
“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/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.”
ASOS plc share price
4,819.00 GBX−16.00 (0.33%)today
12 Jul, 9:35 am GMT+1 ·Disclaimer
Leave a Reply