American luxury department store chain, Nordstrom revealed that it has acquired stake in four apparel brands of Asos. The brands namely activewear label HIIT, Miss Selfridge, Topman, and Topshop targets the younger consumers in their 20s. Financial details were not revealed to the media.
Peter Nordstrom, the President and Chief brand officer of Nordstrom noted that this collaboration is a pathway to redefine a new business model of a wholesaler. Nordstrom is wholesaler and it will be now working with a retailer. He also expects both the firms to push for strategic partnerships in future. Asos will continue the operational and creative control of the Topshop brands whereas Nordstrom will exclusively handle the retail operations for Topman and Topshop across North America.
Asos acquired the brands Miss Selfridge and HIIT, Topman, and Topshop in February. The brands were owned initially by Arcadia Group which was run by Philip Green, the British billionaire. However, the brands were blocked as Arcadia had been filed for bankruptcy protection late last year. Lockdowns were initiated throughout 2020 which led to a huge loss to Arcadia. Meanwhile, Asos had the online-only business model that later acquired the brands.