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*UPDATED* It’s been reported by Re/code that Trunk Club is being acquired for $350 million.
Amazing startup news especially in Chicago’s thriving and growing startup community. Crain’s Chicago reports that men’s clothing service, Trunk Club will be acquired by Nordstrom. The terms and value of the acquisition has yet to be released but Trunk Club will continue to operate independently and focus on its core business while leveraging Nordstrom’s capabilities and resources to scale its business.
According to a press release dated July 31,
“Nordstrom announced today it has entered into an agreement to acquire Trunk Club, a personalized clothing service for men. The men’s market is one of the fastest growing and most rapidly changing segments in retail, and Trunk Club has created a unique approach to capture the imagination of an under-served customer. They deliver a stylist service that combines the convenience of online with a high-touch, personalized shopping experience. The acquisition aligns with Nordstrom’s strategic priorities around superior customer service, fashion, relevance and a seamless shopping experience.”
“What Trunk Club is doing in the personal styling space is a natural extension of our core business,” said Erik Nordstrom, president of Nordstrom Direct. “This acquisition is reflective of how we want to move quickly to evolve with customers by finding more ways to deliver a great shopping experience. One of the pillars of our long-term growth strategy is to integrate the online and offline customer experience, and the personal styling space is a great example of how these two worlds are coming together. We view this investment as complementary to our own business and our efforts to better serve customers.”
Last year, Brian Spaly sat down with Incisent labs‘ own Pat Ryan to talk about everything entrepreneurship and startup, really great interview and there was a mention of Nordstrom there. Worth the watch
Definitely exciting times.
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