Mexican retailer Liverpool has acquired a stake in Nordstrom.
Mexico City-based Liverpool has acquired a 9.9% passive stake in Nordstrom.
The high-end department store retailer said that it had bought 5.9 billion pesos worth of stock in the Seattle-based Nordstrom, reported Reuters. In U.S. dollars, the deal is valued at $293.8 million.
"This operation represents an attractive opportunity to diversify assets geographically," Liverpool stated.
The report, citing Refitiv data, said that Bruce Nordstrom, the grandson of Nordstrom's founder, as of last December held a 15.86% stake in the company, making him its largest shareholder, followed by his sister Anne Gittinger with 9.68% of shares.
Nordstrom’s total revenue rose to $4.095 billion from $3.657 billion in its most recent second quarter, which ended July 30. But similar to many other retailers, the company lowered its full-year forecast amid softening customer traffic and demand.