Nordstrom (NYSE: JWN) is set to acquire Trunk Club, a men's clothing and personal styling company, in a transaction reportedly worth $350 million. Trunk Club's personal stylist service allows men to get personalized clothing choices delivered straight to their door. The company has raised about $13 million in venture capital to this point, receiving a valuation of $30 million with its last raise in September 2011. Investors slated to exit through the deal include Apex Venture Partners, Greycroft Partners and U.S. Venture Partners, among others. The acquisition will extend Nordstrom's current personal shopper service.
Trunk Club isn't the first endeavor into a clothing company made by the retail giant. Nordstrom acquired HauteLook, a Los Angeles-based online retailer, in 2011; it also previously made multiple investments in Bonobos, a men's clothing website co-founded by Trunk Club founder Brian Spaly.