12th Jul 2021 10:12
(Alliance News) - Online clothing retailer ASOS PLC on Monday said it has formed a joint-venture with US-based multi-channel retailer Nordstrom.
Nordstrom will invest for a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands. These brands were a part of Philip Green's Arcadia Group Ltd before ASOS bought them in February.
London-based ASOS said the joint-venture will help drive the growth of these brands and will pave the way for exploring a new wider strategic partnership with Nordstrom in the US and Canadian market.
Under the joint-venture agreement, ASOS said it will retain operational and creative control, but work with Nordstrom to "leverage its US market expertise and extensive customer reach".
"Partnering with Nordstrom will support our US strategy, allowing us to offer that to even more 20-somethings in North America," said ASOS Chief Executive Nick Beighton.
"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," added Beighton.
ASOS shares were trading 0.3% lower in London on Monday at 4,820.00 pence each.
By Evelina Grecenko; [email protected]
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