Mexican department store chain Liverpool acquires 9.9% stake in Nordstrom

MEXICO CITY, Sept 15 (Reuters) – Mexican upscale department store chain Liverpool (LIVEPOLC1.MX) has acquired a 9.9% passive stake in upscale U.S. retailer Nordstrom (JWN.N), using what she called excess cash for a bet on geographic diversification.

Liverpool said in a statement on Thursday that they bought 5.9 billion pesos ($293.8 million) worth of shares in the Seattle-based company.

“This transaction represents an exciting opportunity to diversify assets geographically,” Liverpool said.

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Liverpool also reported the investment in a separate Securities and Exchange Commission filing, saying it held the 9.90% stake as of September 8.

According to Refitiv data, the grandson of Nordstrom founder Bruce Nordstrom held a 15.86% stake in the company last December, making him its largest shareholder, followed by his sister Anne Gittinger with 9.68%. % actions.

Nordstrom has seen its stock value drop nearly 19% since the start of this year as soaring gas and grocery prices prompted customers in the United States to cut spending on clothing and discretionary items. . Read more

The retailer had cut its annual forecast in August, alongside US retailer Macy’s (MN) due to weak demand, which left them with excess inventory.

Liverpool, meanwhile, have seen their shares climb 10% since the start of 2022.

The Mexican company reported double-digit revenue growth across all of its business lines in the second quarter, which it attributes to good inventory management, a better product mix and higher selling prices.

($1 = 20.0800 Mexican pesos)

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Reporting by Sarah Morland; Editing by Leslie Adler and Christopher Cushing

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