Nordstrom President and Chief Brand Officer Pete Nordstrom said the collaboration could redefine the way a department store operator works with brands. He also said the deal could lead to a wider strategic alliance with Asos.
Although Asos will retain operational and creative control of the Topshop brands, Nordstrom will have the exclusive retail rights for Topshop and Topman across North America. Bringing the Asos brands, including Topshop and Topman, to our customers allows us to create newness and excitement, Pete Nordstrom said in a statement.
The department store has been the exclusive distributer of Topshop and Topman in the United States since 2012. Nordstrom will now be the only brick-and-mortar location for these brands globally.
Nordstrom Acquires Stake in Four Asos Brands
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Nordstrom Buys Stake in Four Apparel Brands Owned by UK Fashion House Asos, in Bid for Younger Shoppers
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Dive Brief:
The effect of Nordstrom s decision last year to close 16 full-line stores was felt during its first quarter, when net sales rose 44% from 2020, but fell 13% from 2019. Year over year, full-line store sales rose 37% and off-price Rack sales rose 59%; compared to 2019, sales at each fell 13%.
E-commerce sales were up 23% year over year and 28% compared to 2019, and accounted for 46% of the period s total sales, according to a company press release. Ending inventory was down 2% compared with the same quarter two years ago, the company said.
Nordstrom remained in the red but narrowed its net loss to $166 million from $521 million a year ago. Year over year, gross profit expanded about 2,000 basis points to 31% of net sales, but was down 260 basis points compared with 2019 due to lower sales and lower merchandise margins, partially offset by permanent reductions in buying and occupancy costs.
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During its investors day conference on Thursday, Nordstrom executives shared plans for profitable growth that are partly an expansion of its existing strategy and partly a remarkable departure from how it has historically done business. Most notable is the integration of its off-price Rack with its full-line business, along with an embrace of e-commerce that leaves physical locations usually the centerpiece for any department store in a supporting role. At the heart of our business transformation is the recognition that the unique combination of the Nordstrom and Nordstrom Rack brands, along with our combined physical and digital expertise, create a powerful opportunity to get closer to the customer than ever before, CEO Erik Nordstrom said via video conference.