Nordstrom Buys Stake In Hip Luxury Retailer
Nordstrom Inc. announced the purchase of a majority interest yesterday in trendy luxury retailer Just Jeffrey Inc. in a move intended to help build its reputation for designer fashions.As part of the deal with Nordstrom, Jeffrey founder Jeffrey Kalinsky will become director of designer merchandising at Nordstrom, Seattle, and will continue to operate his Jeffrey stores as president/CEO.
Financial terms of the deal were not disclosed.
Kalinsky in 1999 opened his first fashion store, Jeffrey New York, in Manhattan's Meatpacking District. With a mix of cutting-edge designer apparel, shoes and accessories, the 12,000-square-foot space quickly became a focal point for the newly hip neighborhood.
Just Jeffrey also operates a Jeffrey Atlanta store and, through JSK Enterprises Inc., a luxury footwear boutique renamed recently from Bob Ellis to Jeffrey in Atlanta.
Just Jeffrey and JSK Enterprises did approximately $35 million in sales last year.
The possibility of a Jeffrey private label line was raised by Pete Nordstrom, president of Nordstrom full-line stores, in an interview with fashion industry publication Women's Wear Daily.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
