Nordstrom (NYSE:JWN) announced it would acquire Trunk Club, a men's clothing service company, for $350 million.
The department store's purchase is expected to close in Nordstrom's third quarter, reported Re/code.
Trunk Club is an online personalized shopping experience for men. There are 250 stylists that help members find clothing that best fists their preferences before shipping the selected items to the shopper's home. There's no subscription fee for the service and members only pay for items they wish to keep.
"Nordstrom is stellar at many of the things we aim to improve on to offer our members the best possible service: Inventory management, planning and logistics are great examples," said Trunk Club CEO Brian Spaly in a statement. "We knew that a partnership with the best-in-class retailer could significantly enhance our member experience and we are excited to have found a company that is such a natural fit with our culture and approach to customer experience."
The acquisition is part of Nordstom's mission to further integrate the online and offline customer experience. The department store recently acquired online fashion retailer HauteLook and launched an e-commerce site and mobile app for Nordstrom Rack.
Trunk Club will remain headquartered in Chicago and will continue to be managed by the current leadership team. Additional terms of the agreement will be announced on August 14.
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-See this Re/code article
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