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The online fast-fashion retailer Asos has formed a joint-venture with US-based multi-channel retailer Nordstrom, which will invest for a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands.
According to the two parties: "The joint-venture will help drive the growth of these brands and paves the way for exploration of a new wider strategic partnership aimed at building greater awareness and engagement in the U.S. and Canadian markets".
Nordstrom has a physical and digital reach in North America translated in more than 350 physical stores alongside online platforms that attract almost two billion annual visits. The two brands already have a relationship, as Nordstrom has been the first U.S. retailer to offer the Topshop items to the U.S. market, since 2012.
Under the joint-venture agreement, Asos will retain operational and creative control, but will "work with Nordstrom to leverage its U.S. market expertise and extensive customer reach to build an exciting future for these brands in their second biggest market".
Nordstrom will be Asos’s first-ever retail partner, which will "see an edit of the best Asos brands launching across Nordstrom’s website and in selected Nordstrom stores". Further to this, Asos click and collect services will be rolled out across the wider Nordstrom store network as the next step in continuing to enhance the ASOS brands for its U.S. customers.
Source: World Footwear