Under the terms of the deal, HauteLook, which offers members 50 to 75% off fashion, beauty and travel brand name goods, will remain a wholly-owned subsidiary of Nordstrom and operate independently.
Nordstrom and HauteLook first became acquainted more than one year ago, but acquisition talks didn't get serious until the end of 2010, according to HauteLook CEO Adam Bernhard. He believes the two companies share a common interest in top notch customer service and have similar company cultures, but says the exact synergies are still being worked out.
When asked about whether Nordstrom's involvement will affect the daily operations of the company or its more than 1,500 brand partners, Bernhard responded by saying, "Nothing is going to change." The executive team is also staying put. "I will stay here," he says. "I hope to see the business grow into the late stages of my life."