Nordstrom Buys HauteLook For $270 Million

Nordstrom, Inc. (NYSE:JWN) is acquiring HauteLook for $270 million. The deal is broken up into $180 million in Nordstrom stock and a three-year earn out worth up to $90 million. HauteLook had raised $41 million in funding and has about 4 million members since they launched in 2007. High-end retailers like Versace and Gucci places excess inventory at a discount of 50-70% on HauteLook. These sales are private and is only available to members. [TechCrunch]