Asos launches joint venture to sell Topshop clothing in US stores
Asos has partnered with U.S. retailer Nordstrom in a new joint venture that will see Topshop clothing sold again in physical stores for the first time since the brand’s collapse last year.
The deal sees Nordstrom, which first entered into a deal with the former Arcadia brand nine years ago, to buy a minority stake in the Topshop, Topman, Miss Selfridge and HIIT brands which were acquired by Asos more early this year.
Asos said, “The joint venture will help drive the growth of these brands and pave the way for the exploration of a new, broader strategic partnership aimed at building brand awareness and engagement in the US and Canadian markets.
This is the first time Asos has struck a deal with a retailer with physical stores, having only traded online in the past.
Nordstrom has 350 physical stores in North America and a strong online business, which Asos hopes to tap despite its strong internet presence in the region.
Asos will retain operational and creative control, but will work together to reach a wider customer base.
This includes “an edition of the best Asos brands launched on Nordstrom.com and in a selection of high impact Nordstrom stores”.
Asos will also offer click and collect services in Nordstrom stores.
The move is significant for Asos and comes five months after it bought the brands from the Trustees of the Arcadia Empire from Sir Philip Green for £ 330million.
But as the retailer bought the brands, it decided not to take over the 70 stores, including the flagship Oxford Circus site in London, affecting around 2,500 workers.
Asos boss Nick Beighton said, “With his long-standing connection to Topshop, his in-depth knowledge of American consumers and unmatched reach across North America, Nordstrom is the perfect partner to help Asos accelerate. the growth of our Topshop and Asos brands in this key market.
President and Brand CEO Pete Nordstrom said, “We couldn’t have found a better partner in Asos, the global leader in fashion for customers 20 years and older.
Topshop and Nordstrom first teamed up in 2012, with the brand selling a range of clothing in the retailer’s U.S. stores.
This was part of the British fashion brand’s first foray into the United States and ultimately led to several Topshop stores in American cities.