SEATTLE — Nordstrom said Thursday it will spend $350 million to purchase Trunk Club, a personalized online shopping service for men, as it seeks to expand its turf in the fast-growing turf of Internet retail.
A portion of the money is conditioned on retaining Trunk Club executives and will vest in the future. The deal also includes a long-term incentive plan of up to $100 million, and will allow Trunk Club to operate as a stand-alone unit. The acquisition was announced last month.
The company also reported earnings of $183 million, down from $184 million in the same period last year. Sales, however, rose to $3.3 billion from $3.1 billion, not including credit card revenue.