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July 12, 2021, 7:52 a.m. EDT

Nordstrom takes stake in Asos brands including Topshop

Nordstrom Inc. (NYS:JWN) announced Monday that it has taken a minority interest in four brands run by online retailer Asos (LON:UK:ASC) Topshop, Topman, Miss Selfridge and HIIT. Asos will continue to have creative and operational control of Topshop brands, but Asos and Nordstrom will have a shared ownership model. Nordstrom will have exclusive retail rights to Topshop and Topman in North America and be the only store selling the labels. Nordstrom has been the exclusive distributor for the two labels in the U.S. since 2012. Asos customers will be able to pick up their orders at Nordstrom and Nordstrom's Rack stores starting in the fall. The investment sets the stage for a broader alliance going forward, the companies say. Nordstrom shares have gained 15.4% for the year to date while the S&P 500 index (S&P:SPX) is up 16.3% for the period.

Link to MarketWatch's Slice.