ASOS PLC ASOS and Nordstrom announce Topshop joint venture (8383E)
July 12 2021 - 2:00AM
UK Regulatory
TIDMASC
RNS Number : 8383E
ASOS PLC
12 July 2021
12(th) July 2021
ASOS and Nordstrom announce Topshop joint venture
Retailers exploring wider strategic partnership
ASOS today announces that it 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. 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 US and Canadian market.
Nordstrom has an unrivalled physical and digital reach in North
America, operating more than 350 physical stores alongside online
platforms that attract almost two billion annual visits. It already
has a strong history with Topshop, having been the first US
retailer to offer the brand to the US market as far back as
2012.
Under the joint-venture agreement, ASOS will retain operational
and creative control, but work with Nordstrom to leverage its US
market expertise and extensive customer reach to build an exciting
future for these brands in their second biggest market.
The joint-venture paves the way for wider collaboration between
ASOS and Nordstrom as we seek to leverage our complementary retail
models and customer insight. ASOS is working with Nordstrom to
debut as its first-ever retail partner, which will see an edit of
the best ASOS brands launching across Nordstrom.com and in selected
high-impact Nordstrom stores. Further to this, ASOS click and
collect services will be rolled out across the wider Nordstrom
store estate as the next step in continuing to enhance the ASOS
proposition for its US customers.
Nick Beighton, CEO, commented:
"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.
"ASOS is all about giving customers the confidence to be who
they want to be. Partnering with Nordstrom will support our US
strategy, allowing us to offer that to even more 20-somethings in
North America. We're excited about the opportunities ahead,
collaborating to deliver the best product through engaging,
friction-free multi-touch experiences and we can't wait to see our
ASOS edit in Nordstrom stores."
Pete Nordstrom, President and Chief Brand Officer,
commented:
" We could not have found a better partner in ASOS, the world
leader in fashion for the 20-something customer.
"We're excited about offering the ASOS brands to our customers
and we know we can help further amplify the recognition of the
already popular Topshop and Topman brands. We are thrilled to have
the opportunity to work with ASOS to reimagine the wholesale/retail
partnership and are excited about our potential as we expand our
product offering to a broader audience and deliver on our
commitment to helping our customers feel good and look their
best."
For further information:
ASOS plc Tel: 020 7756 1000
Nick Beighton, Chief Executive Officer
Mathew Dunn, Chief Financial Officer
Taryn Rosekilly, Director of Investor Relations
Website: www.asosplc.com/investors
Headland Consultancy Tel: 020 3805 4822
Susanna Voyle / Stephen Malthouse / Fay
Rajaratnam
JPMorgan Cazenove Tel: 020 7742 4000
Bill Hutchings / Mika Niskanen
Numis Securities Tel: 020 7260 1000
Alex Ham / Jonathan Wilcox / Tom Jacob
Forward looking statements:
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements" (including words such as
"believe", "expect", "estimate", "intend", "anticipate" and words
of similar meaning). By their nature, forward-looking statements
involve risk and uncertainty since they relate to future events and
circumstances, and actual results may, and often do, differ
materially from any forward-looking statements. Any forward-looking
statements in this announcement reflect management's view with
respect to future events as at the date of this announcement. Save
as required by applicable law, the Company undertakes no obligation
to publicly revise any forward-looking statements in this
announcement, whether following any change in its expectations or
to reflect events or circumstances after the date of this
announcement.
Background note
ASOS is an online retailer for fashion-loving 20-somethings
around the world, with a purpose to give its customers the
confidence to be whoever they want to be. Through its
market-leading app and mobile/desktop web experience, available in
ten languages and in over 200 markets, ASOS customers can shop a
curated edit of 85,000 products, sourced from 860 of the best
global and local third-party brands and its mix of fashion-led
in-house labels - ASOS Design, ASOS Edition, ASOS 4505, Collusion,
Reclaimed Vintage, Topshop, Topman, Miss Selfridge and HIIT. ASOS
aims to give all of its customers a truly frictionless experience,
with an ever-greater number of different payment methods and
hundreds of local deliveries and returns options, including
Next-Day Delivery and Same-Day Delivery, dispatched from
state-of-the-art fulfilment centres in the UK, US and Germany.
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