July 12 (Reuters) – British online fashion retailer ASOS (ASOS.L) will sell Topshop apparel at Nordstrom (JWN.N) stores in a joint venture with the department store chain, it said on Monday, in an effort to reach more U.S. and Canadian customers.
U.S.-based Nordstrom will buy a minority interest for an undisclosed sum in the Topshop, Topman, Miss Selfridge and HIIT brands, which ASOS bought from the administrators of the collapsed Arcadia Group for $364 million earlier this year.
ASOS, which sells fashion aimed at 20-somethings, said it would keep operational and creative control over the brands. The joint venture also paves the way for a broader tie-up with Nordstrom to deepen ASOS’s presence in North America, it added.
“With its… 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,” ASOS Chief Executive Nick Beighton said.
Nordstrom would become the British firm’s first-ever retail partner, and will look to launch its brands on Nordstrom.com and in select retail stores, ASOS said.
Reporting by Sachin Ravikumar in Bengaluru; Editing by Shailesh Kuber
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