Benzinga | Jul 12, 2021 09:24AM EDT

Nordstorm Buys Minority Stake In Topshop, Topman, Miss Selfridge, HIIT Brands Of ASOS For Undisclosed Sum

* Luxury department store chain Nordstorm Inc (NYSE:JWN) has acquired a minority stake in the Topshop, Topman, Miss Selfridge and HIIT brands of ASOS plc, a British online fashion and cosmetic retailer, for an undisclosed sum.

* ASOS will retain operational and creative control of the Topshop brands and a shared ownership model will ensure close collaboration between the U.S. retailer and ASOS.

* Nordstrom will have the exclusive multi-channel retail rights for Topshop and Topman in North America, including Canada, and own a minority stake globally.

* Through the deal, Nordstorm will be the only brick-and-mortar presence for these brands worldwide.

* Nordstorm has been the exclusive distributor of Topshop and Topman in the U.S. since 2012 and was the first to bring the brand to the U.S. market.

* "Partnering with Nordstrom will support our US strategy, allowing us to offer that to even more 20-somethings in North America," said CEO Nick Beighton of ASOS.

* Cash and equivalents of Nordstorm totaled $377 million as of May 1, 2021.

* Price action: JWN shares traded lower by 0.56% at $35.80 in premarket on the last check Monday.