Asos has teamed up with the US’ Nordstrom, which will see Topshop clothes sold in brick and mortar stores for the first time since the brand fell into admission last year.
The joint-venture will see Nordstrom snag a minority stake in Topshop, Topman, Miss Selfridge and HIIT brands, which joined Asos’ pre-existing online platform following Philip Green’s empire collapse.
The investment goal is growth in the US and Canadian market, which Nordstrom helped Topshop with for the first time back in 2012.
Asos’ shares dipped 1.1 per cent lower this afternoon, taking its total share price to 4,778.
Asos will keep operational and creative control but work with Nordstrom to bolster its US presence.
“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,” CEO Nick Beighton said.
The agreement is set to be Asos’ first-ever retail partner and will Nordstrom promote Asos’ brands on its US website.
Asos click and collect services will also be rolled out across Nordstrom’s 350-strong store estate.