Nordstrom announced it has entered into an agreement to acquire HauteLook
, a company that runs online private sales. Nordstrom will acquire HauteLook for $180 million in Nordstrom stock. In addition, the transaction includes a three-year earn-out of up to $90 million in Nordstrom stock. Nordstrom says HauteLook will operate as an independent, separate company.
Blake Nordstrom, president, Nordstrom, Inc., says, "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. While our focus on providing a superior in-store shopping experience is our roots, continuing to find ways to use technology to serve customers the way they want to be served is critical. This partnership gives Nordstrom and HauteLook shared growth opportunities as online shopping evolves."