(Filed Under Financial and General Interest News). Nordstrom Inc. announced Thursday that it is acquiring HauteLook, an online retailer that holds limited-time sales of designer brands, for $180 million in stock.
The transaction includes a three-year earn-out of up to $90 million in Nordstrom stock subject to company performance and vesting requirements for the existing managerial team, Nordstrom said. HauteLook will operate as an independent, wholly owned subsidiary of Nordstrom managed by its current leadership team.
Nordstrom expects this acquisition to build upon its multi-channel retailing platform. “We are excited to partner with HauteLook as we believe this acquisition further enhances our focus on serving customers online in new and compelling ways,” Blake Nordstrom, president of Nordstrom, said in a statement. “While our focus on providing a superior in-store shopping experience is our roots, continuing to find ways to use technology to serve customer the way they want to be served is critical.”
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