Gilt Groupe to Expand Beyond Apparel and Travel, Goes for Fresh Financing

Gilt Groupe Online Gilt Groupe to Expand Beyond Apparel as well as Travel, Goes for Fresh Financing

Gilt Groupe is well known for a online peep sales of womens engineer attire as well as has built a cult-like following among shoppers lured by $3,000 dresses which sell for a few hundred dollars or less. The site was launched in 2007 with womens engineer wear but afterwards it changed into high-end mens as well as childrens attire as well as accessories, engineer home goods as well as luxury transport packages over a past dual years as well as made a success of it due to a large consumer base.

They have been planning a brand new turn of financing in a initial half of subsequent year in order to expand beyond attire as well as travel. The financing is approaching to be in a range of $50 million to $100 million. Kevin Ryan, a Chief Executive said which it competence involve bringing in a brand new investor. The shopping site is approaching to sum $500million in monthly calendar 2010.

Gilt Groupe was founded by Ryan, who during which time ran an online ad agency, Alexis Maybank from eBay as well as Alexandra Wilson with knowledge from Bulgari as well as Louis Vuitton. General Atlantic as well as Matrix Partners have invested in a commercial operation to a balance of $90 million. The fresh turn of financing will go toward launching brand new businesses.

Via: uk.reuters


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