Nordstrom sells part of SoleSociety
August 24, 2016 11:59 AM
Nordstrom Inc. has sold most of its interest in online women’s footwear retailer SoleSociety to footwear and apparel company Camuto Group. The price was not disclosed.
Nordstrom’s off-price brand HauteLook launched SoleSociety five years ago as a members-only footwear site. Nordstrom, No. 18 in the Internet Retailer 2016 Top 500 Guide, will keep a minority share of the business.
“The team at Sole Society continues to be industry leaders in customer satisfaction and we plan to leverage their expertise to provide today's consumer with the best experience in all channels, both online and in-store,” Camuto Group CEO Alex Del Cielo said.
The move comes in the face of a second straight quarter of online sales gains and declining corporate profits for Nordstrom. Online sales are up 12.1% year-over-year through the first six months of the year to $1.501 billion; however net earnings are down 55.2% in the same period to $162 million.