Nordstrom Inc. announced today it has entered into an agreement to acquire HauteLook, Inc.
“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 said, “By joining forces with Nordstrom, we are giving customers a fuller range of options for the way they shop today.” Bernhard continued, “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.”
Nordstrom will acquire HauteLook for $180 million in Nordstrom stock with a portion subject to ongoing vesting requirements. In addition, 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 management team. The overall transaction structure provides significant incentive and retention mechanisms for HauteLook senior management. HauteLook will operate as an independent, wholly-owned subsidiary, be managed by its current leadership and the HauteLook brand and website will remain separate from Nordstrom.
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