Nordstrom snapping up HauteLook
HTT Staff -- Home Textiles Today, 2/18/2011 10:50:49 AM
Seattle - Nordstrom has signed the paperwork to acquire HauteLook, an online private sale club, also known as a flash market. It will pay $180 million in Nordstrom stock.
HauteLook will operate as an indepdent, wholly owned subsidiary run by its current management. Its site and Nordstrom's ecommerce site will maintain separate identities.
Nordstrom has been working to boost its multi-channel business, bringing in a new inventory management system and integrating its online and in-store processes.
"This partnership gives Nordstrom and HauteLook shared growth opportunities as online shopping evolves," Blake Nordstrom, president of the 204-unit department store.
Last May, HauteLook's vp of home told HTT exposure on HauteLook helps brands build their businesses off-line as third-quarters of its members express interest in repurchasing the home brands they've seen on the site.
HauteLook launched in 2007 and is headquartered in Los Angeles.
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