Nordstrom to Launch Topshop in 14 Stores
NEW YORK (AP) - Upscale Nordstrom Inc. has teamed up with Arcadia Group to launch shops under the British company's Topshop and Topman brands in 14 of its 117 full-scale department store locations.
With this deal, Nordstrom will become the largest U.S. retailer to sell a broad assortment of the U.K. brands' fast-fashions in its stores and online. Topshop offers women's clothing, while Topman is the menswear counterpart.
The partnership comes at a time when Nordstrom, which has enjoyed strong sales since the recession, is looking for new ways to get shoppers in its store more frequently. Meanwhile, Arcadia aims to raise its profile of its Topshop and Topman in the U.S. among young customers.
"Topshop and Topman are internationally renowned leaders in fashion, and we are thrilled to start a relationship with them," said Pete Nordstrom, president of merchandising for Nordstrom. The Seattle-based retailer plans to expand the offerings to the rest of the chain, but wants to use the initial rollout as a learning experience.
Sir Philip Green, owner of Arcadia, Britain's largest privately owned clothing retailer with more than 2,500 outlets, said the company will be working with Nordstrom to develop exclusives with new designers as part of its partnership. Arcadia also owns high street retailers Burton, Dorothy Perkins, Evans, Miss Selfridge, Wallis and BHS.
Since launching in 1964, Topshop has become a major authority of British style because of its nurturing of young talent including Christopher Kane, Meadham Kirchhoff and Mary Kantrantzou. The average price for Topshop and Topman's fashions are about $75. Dresses range from $60 to $260.
Topshop now has 319 stores in the United Kingdom with a further 137 international franchises operating in 37 countries. In the U.S. there are Topshop stores in New York, Chicago and Las Vegas, with the company planning to open in Los Angeles next spring. But the U.S. sites are fully owned flagships, rather than franchise partner operations.
In 1978, the company created Topman as a spin-off brand to focus on male customers. Topman now has 230 stores in Britain and ships to 100 countries across the globe.
Both Nordstrom and Green declined to reveal financial terms of the agreement.
Nordstrom shares slipped 51 cents to $50.18 in afternoon trading. The stock has changed hands between $37.28 and $57.75 in the past 52 weeks, and started the day up about 2 percent since the start of the year.