Retailer Nordstrom Inc. (NYSE: JWN) is buying Trunk Club, a personalized clothing service for men.
Trunk Club, headquartered in Chicago, provides personal stylist services to members. The company ships the clothes to customers, who keep the ones they like and return the rest to the company for free. Trunk Club will continue to operate independently. The company has $12.4 million in venture capital backing from groups including US Venture Partners, Apex Venture Partners, Greycroft Partners and Anthos Capital. Trunk Club is headed by CEO Brian Spaly, who co-founded clothing brand Bonobos.
"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," says Nordstrom Direct president Erik Nordstrom.
In addition to operating Nordstrom stores, the Seattle-based company has a line of Nordstrom Rack retailers, which sell discount merchandise, and sells clothes and accessories online and through its private-sale site, HauteLook. Nordstrom bought HauteLook in 2011.
Guggenheim Securities LLC is acted as Nordstrom's financial adviser, while Paul Hastings LLP and Lane Powell PC are providing legal advice. Goodwin Proctor LLP is Trunk Club's legal adviser.