Nordstorm Buys Minority Stake In Topshop, Topman, Miss Selfridge, HIIT Brands Of ASOS For Undisclosed Sum

Luxury department store chain Nordstorm Inc JWN has acquired a minority stake in the Topshop, Topman, Miss Selfridge and HIIT brands of ASOS plc, a British online fashion and cosmetic retailer, for an undisclosed sum.
ASOS will retain operational and creative control of the Topshop brands and a shared ownership model will ensure close collaboration between the U.S. retailer and ASOS.
Nordstrom will have the exclusive multi-channel retail rights for Topshop and Topman in North America, including Canada, and own a minority stake globally.
Through the deal, Nordstorm will be the only brick-and-mortar presence for these brands worldwide.
Nordstorm has been the exclusive distributor of Topshop and Topman in the U.S. since 2012 and was the first to bring the brand to the U.S. market.
“Partnering with Nordstrom will support our US strategy, allowing us to offer that to even more 20-somethings in North America,” said CEO Nick Beighton of ASOS.
Cash and equivalents of Nordstorm totaled $377 million as of May 1, 2021.
Price action: JWN shares traded lower by 0.56% at $35.80 in premarket on the last check Monday.