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The retailer, which acquired the off-price site for $270 million in 2011 at the height of the flash sales boom, said in a presentation to investors on Thursday that it would “sunset” the brand as it focuses on Nordstrom Rack. (It did not give a time frame for the closure.)
The company said Hautelook gave it an early advantage online in off-price as many competitors are only now ramping up their digital presence. Nordstrom generates more than $1 billion a year in off-price e-commerce.
The news follows Hudson’s Bay Co.’s 2018 decision to sell off Gilt Groupe, which it bought for $250 million just two years earlier, to competitor Rue La La.
