Nordstrom has acquired a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands in a new joint venture with ASOS designed to drive global growth of the brands. ASOS acquired the Topshop brand portfolio from Arcadia Group in February 2021.
The new joint venture will set the stage for a wider strategic partnership in which the U.S. department store chain and British online retailer aim to “redefine the traditional retail/wholesale model.”
Nordstrom has been the exclusive distributer of Topshop and Topman in the U.S. since 2012 when it became the first retailer to bring the brand to the U.S. market. Now, Nordstrom will have the exclusive multi-channel retail rights for both brands 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 Topshop and Topman worldwide. While ASOS will retain operational and creative control of the Topshop brands, the new shared ownership model will ensure close collaboration between Nordstrom and ASOS.
“With its long-established connection to Topshop, extensive U.S. consumer insight and unparalleled reach 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, CEO of ASOS in a statement. “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 a wider strategic alliance between ASOS and Nordstrom as they seek to leverage their complementary retail models. For example, customers will be able to pick up Asos.com orders at Nordstrom and Nordstrom Rack stores beginning this fall. The companies also are in discussions to create multichannel showcases for several ASOS brands for Nordstrom customers.
“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 at Nordstrom in a statement. “Bringing the ASOS brands, including Topshop and Topman, to our customers allows us to create newness and excitement for this important, dynamic customer segment.”