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07/12/2021

Nordstrom Strikes Deal with ASOS for Stake in Four Brands

Department store retailer Nordstrom has penned a deal with ASOS to acquire a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands.
Nordstrom storefront

The strategic partnership between Nordstrom and ASOS will involve “unprecedented collaboration and alignment,” Nordstrom stated. Additionally, the partnership will aim to redefine the traditional retail/wholesale model.

ASOS will keep operational and creative control over Topshop brands, and Nordstrom will share ownership for close collaboration. Nordstrom has distributed Topshop and Topman brands since they came to the U.S. market in 2012. Under terms of the deal, Nordstorm will have multi-channel retail rights for Topshop and Topman in all of North America. Additionally, Nordstrom will become the only brick and mortar presence for the brands worldwide.

The sale of Topshop comes after the brand, which was known for its collaborations with high-profile celebrities like Kate Moss and Beyoncé in the mid-2000s, experienced a significant drop in sales over the last few years. U.K.-based Arcadia Group, which previously owned Topshop, filed for bankruptcy in late 2020 before Topshop, along with brands Miss Selfridge and HIIT, was bought by ASOS in early 2012.

"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," Nick Beighton, CEO at ASOS, said in a statement. "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."

Beyond Topshop, Nordstrom and ASOS are in talks to create a multi-channel showcase for some ASOS brands at the retailer. Coming later this fall, Nordstrom ASOS.com orders can be picked up at Nordstrom and Nordstrom Rack, the companies also announced. 

"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," Pete Nordstrom, president and chief brand officer, said 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."