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US department store chain Nordstrom is taking a minority stake in four clothing brands owned by British online fashion retailer Asos, in a bid to attract a younger audience.
Exclusivity
The brands in question are Topshop, Topman, Miss Selfridge and active wear label HIIT, which are primarily aimed at people in their twenties. The financial terms of the deal were not disclosed, CNBC writes.
The deal gives Nordstrom exclusive retail rights to the brands in North America, which means they will be available in physical stores for the first time. “By bringing the Asos brands, including Topshop and Topman, to our customers, we can create innovation and excitement,” said top executive Pete Nordstrom. In addition, customers will be able to pick up online orders from Asos at all Nordstrom shop locations starting this fall.
Seducing young people
Asos acquired the four aforementioned fashion brands in February, following the bankruptcy of Arcadia. The British fashion group went bankrupt in November last year, partly as a result of the corona crisis.
With the cooperation, the American department store chain hopes to reach a younger audience. The company could really use a new impulse. In the three months to May, sales fell by 13% compared to 2019. Increased labour and shipping costs, as well as disruptions in the supply chain, have further increased the pressure on the business.
