Asos sells a share of Topshop to the American Nordstrom

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AFP

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Jul 12, 2021

The British online clothing group Asos announced on Monday the sale to the American distributor Nordstrom of a minority stake in the Topshop brand, recently saved from bankruptcy, in order to relaunch it in North America.

A Topshop store. – Topshop

Asos explains in a press release that this takeover of Nordstrom covers its entire portfolio of former brands of the Arcadia fashion empire, acquired at the start of the year, namely, in addition to Topshop, Topman, Miss Selfridge and HIIT.

The amount of the deal was not disclosed. The aim is to assist in the redevelopment of these brands, particularly in the United States and Canada, by leveraging Nordstrom’s stores and online operations.

The latter knows Topshop well, having been the first American distributor to bring the once very popular brand to the American market in 2012.

In total, Nordstrom has 350 stores in North America and its online platforms receive nearly 2 billion visits per year.

“Nordstrom is the right partner to help Asos grow our Topshop and Asos brands faster in this key market” and the operation “is in line with our strategy in the United States to offer more and more products to customers. in their twenties, “said Nick Beighton, CEO of Asos.

“We know we can help improve the exposure of already popular brands like Topshop and Topman,” said Pete Nordstrom, president of Nordstrom.

Asos had taken over Topshop earlier this year, buying only the brand and the stocks.

The brand’s stores had to close, swept away by the fall of the Arcadia group at the cost of the loss of thousands of jobs for all brands.

Asos had promised to continue developing brands including Topshop, which a few years ago was an icon of young and hip fashion, and the jewel of Arcadia, the empire of controversial businessman Philip Green.

The British Boohoo, competitor of Asos, had bought three other major brands of Arcadia, Dorothy Perkins, Burton and Wallis.

The rise of Asos and Boohoo is the symbol of a profound change in the retail sector in the United Kingdom, which has only grown due to the pandemic, with the boom in online sales. and decreases in attendance at traditional brands.

London, 12 Jul 2021 (AFP)

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