It took only 12 years for the e-commerce business of the Seattle-based retailer to exceed $1 billion, a milestone that took the company 84 years to reach, according to Enrique Hernandez Jr., chairman of Nordstrom Inc. That growth is six times the rate of the company’s average growth over the course of its history, Hernandez told attendees at the company’s annual meeting in Seattle on Tuesday.
In addition to its full-line stores and the Rack off-price division, Nordstrom’s online presence includes HauteLook, a flash-sale site that it acquired in 2011. Hernandez said that component of the e-commerce business is “a very important part of our future.”
Another key component to the company’s future growth is its planned entry into the New York City market, he said. Last June, Nordstrom confirmed that it would open a full-line store in 2018 at 225 West 57th Street, between Broadway and Seventh Avenue near Columbus Circle. Hernandez said the 285,000-square-foot, seven-story store will be the first upscale department store to enter the market since the Great Depression.
In addition, Nordstrom is also preparing to make its first foray out of the U.S. by entering Canada with a mix of full-line and Rack stores that will “rival the highest presence Canadian stores,” Hernandez said. The plan, he said is to open “a couple dozen stores” in that country.
In answer to a shareholder’s question about expanding into other international markets such as Brazil, Blake Nordstrom, president, responded: “Until not long ago, we weren’t entertaining ideas for international growth.” But the proximity of Canada to its home base in Seattle and the fact that the company has 15,000 credit- card customers in that country prompted it to take the plunge. “If we do that right, it may open doors to other countries,” he said, adding that if it happens, it will be after New York City opens, around 2020.
Hernandez recapped some of the company’s successes [since current management took over in 2000], noting that men’s wear, cosmetics and direct sales all crossed the $1 billion mark, while sales at Rack stores and in shoes exceeded $2 billion. Nordstrom’s overall volume in 2012 was $11.8 billion.
At the meeting, the retailer singled out two vendors for its Partners in Excellence awards, Sam Edelman and Vince Camuto.
Nordstrom will release first-quarter earnings on Thursday.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion