Mexican store group Liverpool buys 9.9% stake in Nordstrom - TopForex.Trade

Mexican store group Liverpool buys 9.9% stake in Nordstrom

Mexican high-end chain Liverpool has acquired a 9.9% stake in US retailer Nordstrom in a bet on geographic diversification.

Mexican store group Liverpool buys 9.9% stake in Nordstrom

Mexican luxury retail group Liverpool has bought a passive 9.9% stake in US high-end retail chain Nordstrom for geographical diversification.

Stocks of the Seattle firm cost 5.9 billion pesos ($293.8 million).

“This operation represents an attractive opportunity to diversify assets geographically,” Liverpool said.

Liverpool also disclosed the purchase in a separate filing with the Securities and Exchange Commission, indicating that it held a 9.90% stake as of September 8.

The grandson of Nordstrom founder Bruce Nordstrom owned 15.86% of the company’s shares as of December last year and was the largest shareholder, followed by his sister Ann Gittinger with 9.68%.

 

Learn how to trade stocks and other popular assets with Top Forex brokers in Mexico

 

Nordstrom’s share price has fallen nearly 19% since the start of the year as rising gas and groceries prices forced US shoppers to cut spending on clothing and other essentials.

The company lowered its full-year guidance in August along with US retailer Macy’s due to weak demand, leaving them with excess inventory.

At the same time, Liverpool shares are up 10% since the start of 2022.

The Mexican company enjoyed double-digit revenue growth across its lines of business in the second quarter as it managed inventory wisely, matched products better, and had higher product prices.

 

Subscribe for our newsletter

Get Forex brokers reviews, market insights, expert analytics and education material right into your inbox for free!

You can unsubscribe any time by clicking the link in our letters.