Breaking: Nordstrom Buys HauteLook for $180 Million in Stock

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The retailer wants to get into the "fast-growing private sale marketplace," a press release announcing the sale of the website explains. Nordstrom said buying HauteLook, an e-commerce site that hosts flash sales much like Gilt Groupe does, gives the companies "shared growth opportunities as online shopping evolves," adding, "CEO Adam Bernhard and his team have built a fantastic business since launching HauteLook just over three years ago and we want them to continue to do what they do well."

That means the site's current leaders will stay on, and the website will remain separate from Nordstrom, operating as a subsidiary.