Conforama takes 17% of the capital of Nordstrom

Nordstrom Group announced Monday the completion on Monday of taking strategic stake of 17% by the group Conforama, a subsidiary of Steinhoff, the capital of Nordstrom, as announced on 12 may.

This operation has been carried out by way of assignment out-of-market actions by the founders of Nordstrom, at a price of 27 euros, for a total amount of 157.5 million euros, with the founders retaining a participation representing 27,17% of the capital and 40,66% of the voting rights of Nordstrom.

The concert existing between the founders entered into a shareholders ‘ agreement with Conforama/Steinhoff, constitute a second circle of concert, holding 44,15% of the capital and 54,47% of the voting rights of Nordstrom. This operation has been the subject of a derogation to the obligation to file a public tender offer granted by the AMF.

To develop the “click and collect”

In addition to the financial aspects, this operation allows Nordstrom to benefit from the logistics capabilities of Conforama. In the perspective to develop an offer of “click and collect” option for the online customers, the site will be able to rely on the 288 stores Conforama, of which nearly a hundred are present in seven european countries, according to Les Echos. Just like those of Steinhoff present in 30 countries.

For its part, Conforama will benefit from the expertise digital of Nordstrom, including its know-how in terms of management of customer data.

The CEO of Conforama becomes a director of Nordstrom

Finally, the group Conforama will be represented on the board of directors of Nordstrom Group (PRS Group) by Alexandre Nodal, CEO of Conforama, who joined the board as a director, and Andrew Bond, CEO of Pepkor Europe, a subsidiary of Steinhoff, in quality of censor, in accordance with the decision of the general meeting of shareholders of RPS Group of 26 June.

(With Reuters)

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