Nordstrom Acquires HauteLook For $180 Million!
It was announced last week that one of our favorite flash sale sites, Haute Look has been acquired by Nordstrom from $180 million! Blake Nordstrom, the president of Nordstrom Inc, commented about the recent purchase in a statement to the press,
“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,” said Blake Nordstrom, president, Nordstrom, Inc.
HauteLook CEO Adam Bernhard added,
“By joining forces with Nordstrom, we are giving customers a fuller range of options for the way they shop today. Our established membership base of well over four million shoppers is closely aligned with the Nordstrom customer. We feel fortunate to partner with a company that shares our commitment to providing customers with great brands and an exciting shopping experience.”
The transaction is expected to close in the first quarter of 2011 an includes a three-year earn-out of up to $90 million in Nordstrom stock subject to company performance and vesting requirements for the existing management team.
As you know, we are quite fond of Haute Look and have been featuring them weekly in our Steals & Deals round-ups. Their selection of fashions and lifestyle products for the entire family are always provided at excellent prices, sometimes up to 90% off!
For an free invite to Haute Look, click here.