Gilt Groupe

Gilt Groupe
Private
Industry E-commerce
Founded 2007
Founder Kevin P. Ryan
Dwight Merriman
Alexis Maybank
Alexandra Wilkis Wilson
Michael Bryzek
Phong Nguyen
Headquarters New York, N.Y., USA
Key people
 Michelle Peluso (CEO)[1]
Kevin P. Ryan (Chairman)
Susan Lyne (Vice Chairman)[2]
Number of employees
 More than 1000 [3]
Website gilt.com

Gilt is an online shopping website based in the United States. Gilt Groupe was founded in 2007 and has over 6 million members.[4]

History

The company launched women's clothing and accessories in November 2007, men's in April 2008, Gilt Groupe Japan in February 2009, Gilt Fuse in August 2009, travel site Jetsetter in September 2009,[5] Gilt City in April 2010, Gilt Home in May 2010 and Gilt Taste in 2011.[6] Gilt Groupe is based in New York, N.Y. with warehouses in Brooklyn, NY, Las Vegas, NV, and Louisville, KY. In 2012, the company launched a partnership with Jason Binn's luxury lifestyle magazine, DuJour.[7]

On January 7, 2016, Gilt Groupe announced its acquisition by Hudson’s Bay Company, owner of luxury department store chains Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue, for $250 million, less than the amount raised from investors in all the company's prior funding rounds.[8]

Business

Gilt Groupe visitors must be members in order to view sales. New sales last 36–48 hours and feature merchandise from a single brand or small groups of brands. Gilt purchases vendor inventory at an extreme discount, and then adds a margin on top of the discounted price in order to make a profit and sell items at a discount. On August 22, 2011, Gilt Groupe added a Facebook shopping section.[9] Android and iPhone apps allow mobile shopping. Access is also available via mobile web for other smartphone and tablet devices. On September 9, 2015, when Apple has announced the new 4th generation Apple TV, GILT announced to make an application for the Apple TV.

In 2009, growth equity firm General Atlantic led a series C funding round, joined by previous investor Matrix Partners, and General Atlantic’s managing director, Anton Levy, joined the board of directors.[10][11] As of February 2014, Gilt Groupe has begun preparing for an IPO.[12]

Book

Founders Alexis Maybank and Alexandra Wilkis Wilson have released a book By Invitation Only: How We Built Gilt and Changed the Way Millions Shop.[13]

References

  1. ↑ Team | Gilt Groupe | About. Gilt.com. Retrieved on 2013-09-05.
  2. ↑ Board | Gilt Groupe | About. Gilt.com. Retrieved on 2013-09-05.
  3. ↑ Gilt Groupe - Company Overview
  4. ↑ "Author Series with Alexis Maybank of Gilt Groupe". New York Technology Council. August 7, 2012.
  5. ↑ Shambora, Jessica (September 30, 2009). "Gilt Groupe's Jetsetter takes off". CNN.
  6. ↑ Fabricant, Florence (2011-05-17). "Gilt Taste Arrives, With Ruth Reichl at the Helm". The New York Times.
  7. ↑ "Catching Up With Jason Binn"
  8. ↑ "Gilt Groupe to Announce Sale to Saks Fifth Avenue Owner as Soon as Thursday Morning". Re/code. Retrieved 2016-01-07.
  9. ↑ August 22, 2011 http://www.internetretailer.com/2011/08/22/gilt-goes-after-facebook-shoppers
  10. ↑ McMahan, Ty. "Venture Capitalists Prove They Have A Fashion Sense". The Wall Street Journal. Retrieved 16 December 2015.
  11. ↑ "Gilt Groupe, Inc. Announces New Growth Capital Investment". PRNewswire. Retrieved 16 December 2015.
  12. ↑ Strugatz, Rachel (13 February 2014). "Gilt IPO Puts Eyes on Flash Model". WWD. Retrieved 13 February 2014.
  13. ↑ Business Week

External links

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