ASOS will retain operational and creative control
ASOS (LON:ASC) confirmed on Monday that it has agreed to a joint-venture with Nordstrom, the American retailer, which will invest for a minority position in Topshop, Topman, Miss Selfridge and HIIT.
The partnership is aimed at driving growth between the two brands, and generating new ideas in an effort to improve awareness and engagement in the North American market.
Nordstrom has a strong physical and digital presence in North America, operating more than 350 physical stores alongside online platforms that attract almost two billion annual visits. It already has an established relationship with Topshop, having been the first US retailer to offer the brand to the US market as far back as 2012.
ASOS will retain operational and creative control, but work with Nordstrom to leverage its US market expertise and extensive customer reach to “build an exciting future for these brands in their second biggest market”.
Nick Beighton, ASOS CEO, commented: “With its long-established connection to Topshop, extensive US 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.”
“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 our ASOS edit in Nordstrom stores.”
Pete Nordstrom, President and Chief Brand Officer of Nordstrom, added:
“We could not have found a better partner in ASOS, the world leader in fashion for the 20-something customer,” said Nordstrom.
“We’re excited about offering the ASOS brands to our customers and we know we can help further amplify the recognition of the already popular Topshop and Topman brands. We are thrilled to have the opportunity to work with ASOS to reimagine the wholesale/retail partnership and are excited about our potential as we expand our product offering to a broader audience and deliver on our commitment to helping our customers feel good and look their best.”
The ASOS share price is down by 0.41% pre-lunchtime on Monday.
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