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{{short description|An online shopping website based in the United States.}}
{{short description|Online shopping website based in the United States}}
{{Infobox company
{{Infobox company
| name = Gilt Groupe
| name = Gilt Groupe
Line 5: Line 5:
| type = [[Subsidiary]]
| type = [[Subsidiary]]
| foundation = 2007
| foundation = 2007
| founders = [[Kevin P. Ryan]]
| founders = [[Kevin P. Ryan]], [[Michael Bryzek]], Phong Nguyen, Alexis Maybank, [[Alexandra Wilkis Wilson]]
| owner = [[Hudson's Bay Company]]
| owner = Rue La La
| location_city = New York, N.Y.
| location_city = New York, N.Y.
| location_country = USA
| location_country = USA
| key_people = Jonathan Greller ([[President (corporate title)|President]])<ref name="Team | Gilt Groupe | About">[http://www.gilt.com/company/team Team | Gilt Groupe | About]. Gilt.com.</ref>
| key_people = Jonathan Greller ([[President (corporate title)|President]])<ref name="Team | Gilt Groupe | About">[http://www.gilt.com/company/team Team | Gilt Groupe | About] {{Webarchive|url=https://web.archive.org/web/20120407200636/http://www.gilt.com/company/team |date=2012-04-07 }}. Gilt.com.</ref>
| industry = [[E-commerce]]
| industry = [[E-commerce]]
| num_employees = More than 1000 <ref name="Gilt Groupe - Company Overview" >Gilt Groupe - Company Overview</ref>
| num_employees = More than 1000 <ref name="Gilt Groupe - Company Overview" >Gilt Groupe - Company Overview</ref>
| homepage = {{url|http://gilt.com}}
| homepage = {{URL|http://gilt.com}}
}}
}}


'''Gilt''' is an [[online shopping]] and lifestyle website based in the United States, launched in 2007<ref>{{cite web|title=Author Series with Alexis Maybank of Gilt Groupe|url=https://www.youtube.com/watch?v=E3wTTEH0LwI&list=PLDEB831CA452F0230&index=1&feature=plcp|date=August 7, 2012|publisher=New York Technology Council}}</ref> At one time valued at over $1 billion on paper, the company was eventually sold to [[Hudson's Bay Company]] for approximately $250 million, far lower than the total obtained from its investors. Prior to the Hudson’s Bay acquisition, sales were exceeding growth projections but the firm had not been profitable yet.<ref name=":0" /><ref name=":1" /><ref name=":2" /><ref name=":3" /> On June 4, 2018, HBC announced their intent to sell Gilt to [[Rue La La]].<ref>{{cite web|url=https://www.usatoday.com/story/money/2018/06/05/hudsons-bay-lord-taylor-stores-nyc-fifth-avenue/672197002/|title=Hudson's Bay to close up to 10 Lord & Taylor stores, including Fifth Avenue in New York|publisher=|accessdate=5 June 2018}}</ref>
'''Gilt''' is an American [[online shopping]] launched in 2007.<ref>{{cite web|title=Author Series with Alexis Maybank of Gilt Groupe|url=https://www.youtube.com/watch?v=E3wTTEH0LwI&list=PLDEB831CA452F0230&index=1&feature=plcp |archive-url=https://ghostarchive.org/varchive/youtube/20211220/E3wTTEH0LwI |archive-date=2021-12-20 |url-status=live|date=August 7, 2012|publisher=New York Technology Council}}{{cbignore}}</ref> On January 7, 2016, The company was sold to [[Hudson's Bay Company]] for approximately $250 million. Prior to the Hudson's Bay acquisition, sales were exceeding growth projections but the firm had not been [[Profit (economics)|profit]]able yet.<ref name=":0" /><ref name=":1" /><ref name=":2" /><ref name=":3" /> On June 4, 2018, [[Boston]], [[Massachusetts]]-based [[Rue La La]] acquired Gilt from Hudson's Bay.<ref>{{Cite web|url=https://www.fastcompany.com/40581020/breaking-rue-la-la-acquires-gilt-groupe|title=Breaking: Rue La La acquires Gilt Groupe|last=Segran|first=Elizabeth|date=2018-06-04|website=Fast Company|language=en-US|access-date=2019-10-31}}</ref>


==History==
==History==
Gilt Groupe is based in [[New York City]] with warehouses in [[Brooklyn, New York]], [[Las Vegas, Nevada]], and [[Louisville, Kentucky]].
Gilt Groupe is based in [[New York City]] with warehouses in [[Brooklyn, New York]], [[Las Vegas, Nevada]], and [[Shepherdsville, Kentucky]].


Founder [[Kevin P. Ryan]] modeled Gilt after Vente-Privee, an online fashion retailer in France. The original business plan consisted of "flash sales," selling a limited number of luxury designer items at steep discounts for brief periods.<ref name=":0"/>
The company was co-founded by [[Kevin P. Ryan]], Michael Bryzek and Phong Nguyen, with Alexis Maybank, and Alexandra Wilson joining shortly after the company's inception;<ref>{{Cite web|last=Kucera|first=Danielle|date=June 21, 2011|title=Stilettos Invade Startups as Niche-Shopping Sites Attract Women|url=https://www.bloomberg.com/news/articles/2011-06-21/stilettos-invade-startups-as-niche-shopping-sites-attract-women|access-date=2020-09-23|website=www.bloomberg.com}}</ref> who modeled Gilt after Vente-Privee, an online fashion retailer in France. The original business plan consisted of "flash sales," selling a limited number of luxury designer items at steep discounts for brief periods.<ref name=":0"/>


The company launched women's clothing and accessories in November 2007 and [[menswear]] in April 2008. It added Gilt Groupe Japan , Gilt Fuse, and travel site Jetsetter in 2009.<ref>{{cite news|url=http://tech.fortune.cnn.com/2009/09/30/gilt-groupes-jetsetter-takes-off/|title=Gilt Groupe's Jetsetter takes off | work=CNN | first=Jessica | last=Shambora | date=September 30, 2009}}</ref> It later added, Gilt City and Gilt Home in 2010 and Gilt Taste in 2011.<ref>{{cite news|url=https://www.nytimes.com/2011/05/18/dining/gilt-taste-arrives-with-ruth-reichl-at-the-helm.html |title=Gilt Taste Arrives, With Ruth Reichl at the Helm | work=[[The New York Times]] | first=Florence |last=Fabricant |date=2011-05-17}}</ref> In 2012, the company entered a partnership with [[Jason Binn|Jason Binn's]] upmarket lifestyle magazine, ''[[DuJour Media|DuJour]]''.<ref>[http://wwd.com/globe-news/fashion-memopad/catching-up-with-jason-7728840/ "Catching Up With Jason Binn"] wwd.com</ref>
The company launched women's clothing and accessories in November 2007 and [[menswear]] in April 2008. It added Gilt Groupe Japan, Gilt Fuse, and travel site Jetsetter in 2009.<ref>{{cite news|url=http://tech.fortune.cnn.com/2009/09/30/gilt-groupes-jetsetter-takes-off/|title=Gilt Groupe's Jetsetter takes off | work=CNN | first=Jessica | last=Shambora | date=September 30, 2009}}</ref> It later added, Gilt City and Gilt Home in 2010 and Gilt Taste in 2011.<ref>{{cite news|url=https://www.nytimes.com/2011/05/18/dining/gilt-taste-arrives-with-ruth-reichl-at-the-helm.html |title=Gilt Taste Arrives, With Ruth Reichl at the Helm | work=[[The New York Times]] | first=Florence |last=Fabricant |date=2011-05-17}}</ref>


In 2009, [[growth equity]] firm [[General Atlantic]] led a [[series C]] funding round, joined by previous investor [[Matrix Partners]]..<ref>{{cite news|last1=McMahan|first1=Ty|title=Venture Capitalists Prove They Have A Fashion Sense|url=https://blogs.wsj.com/venturecapital/2009/07/02/venture-capitalists-prove-they-have-a-fashion-sense/|accessdate=16 December 2015|publisher=The Wall Street Journal}}</ref><ref>{{cite web|title=Gilt Groupe, Inc. Announces New Growth Capital Investment|url=http://www.prnewswire.com/news-releases/gilt-groupe-inc-announces-new-growth-capital-investment-62201172.html|website=PRNewswire|accessdate=16 December 2015}}</ref> By February 2014, Gilt Groupe was preparing for an [[IPO]].<ref name="Gilt IPO Puts Eyes on Flash Model">{{cite web | url=http://www.wwd.com/retail-news/financial/gilt-ipo-puts-eyes-on-flash-model-7449057?src=nl/mornReport/20140213 | title=Gilt IPO Puts Eyes on Flash Model | publisher=WWD | date=13 February 2014 | accessdate=13 February 2014 | author=Strugatz, Rachel}}</ref>
In 2009, [[growth equity]] firm [[General Atlantic]] led a [[series C]] funding round, joined by previous investor [[Matrix Partners]].<ref>{{cite news|last1=McMahan|first1=Ty|title=Venture Capitalists Prove They Have A Fashion Sense|url=https://blogs.wsj.com/venturecapital/2009/07/02/venture-capitalists-prove-they-have-a-fashion-sense/|access-date=16 December 2015|publisher=The Wall Street Journal}}</ref><ref>{{cite web|title=Gilt Groupe, Inc. Announces New Growth Capital Investment|url=http://www.prnewswire.com/news-releases/gilt-groupe-inc-announces-new-growth-capital-investment-62201172.html|website=PRNewswire|access-date=16 December 2015}}</ref> By February 2014, Gilt Groupe was preparing for an [[IPO]].<ref name="Gilt IPO Puts Eyes on Flash Model">{{cite web | url=http://www.wwd.com/retail-news/financial/gilt-ipo-puts-eyes-on-flash-model-7449057?src=nl/mornReport/20140213 | title=Gilt IPO Puts Eyes on Flash Model | publisher=WWD | date=13 February 2014 | access-date=13 February 2014 | author=Strugatz, Rachel}}</ref>


In 2010, Gilt acquired luxury [[One deal a day|deal-of-the-day]] site Bergine.<ref>{{cite news | url=https://blogs.wsj.com/digits/2010/10/26/gilt-makes-its-first-acquisition-bergine/ | title=Gilt Makes its First Acquisition: Bergine| newspaper=Wall Street Journal| date=2010-10-26| last1=Fowler| first1=Geoffrey A.}}</ref> This was the first of several acquisitions.
⚫
According to ''[[Business Insider]]'', during its "hyper-growth years, the company overextended itself and lost focus", as the expanded business segments such as "Full-price retail, travel, and food were sucking resources from Gilt's core categories — discounted women's fashion", and Gilt was forced to sell these non-core businesses at a loss. Flash sales companies were also seeing slower growth, thanks in part to e-mail fatigue (the key means for flash sales to be promoted) with e-mail providers increasingly classifying these messages as spam). The IPO kept getting delayed and ending up never happened, while the firm never reached profitability. By 2015, Gilt was raising money "at a lower valuation than the $1 billion at which it reportedly raised $138 million in 2011". Such a cash infusion is known as "down round" which hurts employee morale and devalues the founders' stakes.<ref name=":0">{{Cite news|url=http://www.businessinsider.com/gilt-groupe-story-2015-2|title=Four years ago Gilt Groupe was the hottest startup in New York — Here’s what happened|work=Business Insider|access-date=2018-05-23}}</ref><ref name=":1">{{Cite news|url=http://money.cnn.com/2015/12/15/technology/gilt-groupe-hudsons-bay-saks/|title=Has Gilt Groupe hit the clearance rack?|last=O'Brien|first=Sara Ashley|work=CNNMoney|access-date=2018-05-23}}</ref><ref name=":2">{{Cite web|url=http://www.bizjournals.com/newyork/news/2016/01/20/gilt-groupe-sale-leaves-winners-losers-and-a.html|title=Gilt Groupe sale leaves winners, losers and a cautionary tale|website=www.bizjournals.com|access-date=2018-05-23}}</ref><ref name=":3">{{Cite news|url=http://www.recode.net/2015/3/16/11560292/gilt-groupes-very-cloudy-future|title=Gilt Groupe’s Very Cloudy Future|work=Recode|access-date=2018-05-23}}</ref>


According to ''[[Business Insider]]'', during its "hyper-growth years, the company overextended itself and lost focus", as the expanded business segments such as "Full-price retail, travel, and food were sucking resources from Gilt's core categories — discounted women's fashion", and Gilt was forced to sell these non-core businesses at a loss. Flash sales companies were also seeing slower growth, thanks in part to e-mail fatigue (the key means for flash sales to be promoted) with e-mail providers increasingly classifying thыШгж
⚫
On January 7, 2016, Gilt Groupe announced its [[Mergers and acquisitions|acquisition]] by Hudson’s Bay Company, owner of luxury [[department store]] chains [[Hudson's Bay (retailer)|Hudson’s Bay]], [[Lord & Taylor]] and [[Saks Fifth Avenue]], for $250 million, less than the amount raised from investors in all of the company's prior funding rounds.<ref>{{Cite web|title=Gilt Groupe to Announce Sale to Saks Fifth Avenue Owner as Soon as Thursday Morning |url=http://recode.net/2016/01/06/gilt-groupe-to-announce-sale-to-saks-fifth-avenue-owner-as-soon-as-thursday-morning/ |website=Re/code |accessdate=2016-01-07 |deadurl=yes |archiveurl=https://web.archive.org/web/20160107075532/http://recode.net/2016/01/06/gilt-groupe-to-announce-sale-to-saks-fifth-avenue-owner-as-soon-as-thursday-morning/ |archivedate=2016-01-07 |df= }}</ref>
⚫
ese messages as spam). The IPO kept getting delayed and ending up never happening, while the firm never reached profitability.{{citation needed|date=February 2023}} By 2015, Gilt was raising money "at a lower valuation than the $1 billion at which it reportedly raised $138 million in 2011". Such a cash infusion is known as "down round" which hurts employee morale and devalues the founders' stakes.<ref name=":0">{{Cite news|url=http://www.businessinsider.com/gilt-groupe-story-2015-2|title=Four years ago Gilt Groupe was the hottest startup in New York — Here's what happened|work=Business Insider|access-date=2018-05-23}}</ref><ref name=":1">{{Cite news|url=https://money.cnn.com/2015/12/15/technology/gilt-groupe-hudsons-bay-saks/|title=Has Gilt Groupe hit the clearance rack?|last=O'Brien|first=Sara Ashley|work=CNNMoney|access-date=2018-05-23}}</ref><ref name=":2">{{Cite web|url=http://www.bizjournals.com/newyork/news/2016/01/20/gilt-groupe-sale-leaves-winners-losers-and-a.html|title=Gilt Groupe sale leaves winners, losers and a cautionary tale|website=www.bizjournals.com|access-date=2018-05-23}}</ref><ref name=":3">{{Cite news|url=http://www.recode.net/2015/3/16/11560292/gilt-groupes-very-cloudy-future|title=Gilt Groupe's Very Cloudy Future|work=Recode|access-date=2018-05-23}}</ref>


⚫
On January 7, 2016, Gilt Groupe announced its [[Mergers and acquisitions|acquisition]] by Hudson's Bay Company, owner of luxury [[department store]] chains [[Hudson's Bay (retailer)|Hudson's Bay]], [[Lord & Taylor]] and [[Saks Fifth Avenue]], for $250 million.<ref>{{Cite web|title=Gilt Groupe to Announce Sale to Saks Fifth Avenue Owner as Soon as Thursday Morning |url=http://recode.net/2016/01/06/gilt-groupe-to-announce-sale-to-saks-fifth-avenue-owner-as-soon-as-thursday-morning/ |website=Re/code |access-date=2016-01-07 |url-status=dead |archive-url=https://web.archive.org/web/20160107075532/http://recode.net/2016/01/06/gilt-groupe-to-announce-sale-to-saks-fifth-avenue-owner-as-soon-as-thursday-morning/ |archive-date=2016-01-07 }}</ref>
⚫
In June 2018 it was announced the HBC would be selling Gilt to [[Rue La La]].<ref>{{Cite web|url=https://www.prnewswire.com/news-releases/rue-la-la-to-acquire-gilt-300659396.html|title=Rue La La to Acquire Gilt|last=La|first=Rue La|website=www.prnewswire.com|language=en|access-date=2019-06-18}}</ref> The sale was reported to be for less than half of what HBC paid for Gilt, two years prior, with a price of $100 million.<ref>{{Cite web|url=https://www.retailtouchpoints.com/features/news-briefs/hbc-to-shutter-home-outfitters-chain-up-to-20-saks-off-5th-stores|title=HBC To Shutter Home Outfitters Chain, Up To 20 Saks OFF 5TH Stores - Retail TouchPoints|website=www.retailtouchpoints.com|language=en-gb|access-date=2019-06-18}}</ref>

⚫
In June 2018 it was announced the HBC would be selling Gilt to Rue La La.<ref>{{Cite press release|url=https://www.prnewswire.com/news-releases/rue-la-la-to-acquire-gilt-300659396.html|title=Rue La La to Acquire Gilt|last=La|first=Rue La|website=www.prnewswire.com|language=en|access-date=2019-06-18}}</ref><ref>{{Cite web|url=https://www.retailtouchpoints.com/features/news-briefs/hbc-to-shutter-home-outfitters-chain-up-to-20-saks-off-5th-stores|title=HBC To Shutter Home Outfitters Chain, Up To 20 Saks OFF 5TH Stores - Retail TouchPoints|website=www.retailtouchpoints.com|date=25 February 2019 |language=en-gb|access-date=2019-06-18}}</ref>

On October 2, 2019, Gilt Groupe and [[Simon Property Group]] announced a [[joint venture]] for ShopPremiumOutlets.com, an online shopping platform focused on its [[outlet mall]]s, to create a new [[e-commerce]] platform dedicated to value shopping.<ref name=":6">{{Cite news|url=https://www.ibj.com/articles/simon-to-invest-280m-in-online-shopping-venture|title=Simon Property to invest $280M in online shopping venture|work=Recode|access-date=2019-10-02}}</ref>


==Business==
==Business==
Gilt Groupe visitors must be members in order to view sales. Sales last 36–48 hours and feature merchandise from a single [[brand]] or small groups of brands. The firm purchases vendor inventory at an extreme discount, adding a [[margin (economics)|margin]] in order to make a [[Profit (accounting)|profit]]. On August 22, 2011, Gilt Groupe added a [[Facebook]] shopping section.<ref>August 22, 2011 [http://www.internetretailer.com/2011/08/22/gilt-goes-after-facebook-shoppers Gilt goes after Facebook shoppers] internetretailer.com</ref> [[Android (operating system)|Android]] and [[iPhone]] [[Mobile app|apps]] allow mobile shopping, and access is also available for other [[smartphone]] and tablet devices.
Gilt Groupe visitors must be members in order to view sales. Sales last 36–48 hours and feature merchandise from a single [[brand]] or small groups of brands. The firm purchases vendor inventory at an extreme discount, adding a [[margin (economics)|margin]] in order to make a [[Profit (accounting)|profit]]. On August 22, 2011, Gilt Groupe added a [[Facebook]] shopping section.<ref>August 22, 2011 [http://www.internetretailer.com/2011/08/22/gilt-goes-after-facebook-shoppers Gilt goes after Facebook shoppers] internetretailer.com</ref> [[Android (operating system)|Android]] and [[iPhone]] [[Mobile app|apps]] allow mobile shopping, and access is also available for other [[smartphone]] and tablet devices.


==Book==
==Book==
[[Penguin Group]] printed a history of Gilt Groupe in 2012 written by two of its founders, Alexis Maybank and Alexandra Wilkis Wilson. ''By Invitation Only: How We Built Gilt and Changed the Way Millions Shop'' was published before Gilt was bought out by Hudson's Bay;<ref>[http://www.businessweek.com/articles/2012-04-13/gilt-groupe-founders-essential-business-reads Essential Business Reads] ''[[Business Week]]'' 2012-04-13</ref> At that time the firm was valued at more than $1 billion,<ref>Alexis Maybank and Alexandra Wilkis Wilson, ''By Invitation Only: How We Built Gilt and Changed the Way Millions Shop'' [[Penguin Group]], 2012</ref> over four times greater than its eventual selling price.
[[Penguin Group]] printed a history of Gilt Groupe in 2012 written by two of its founders, Alexis Maybank and Alexandra Wilkis Wilson. ''By Invitation Only: How We Built Gilt and Changed the Way Millions Shop'' was published before Gilt was bought out by Hudson's Bay;<ref>[https://web.archive.org/web/20120416232331/http://www.businessweek.com/articles/2012-04-13/gilt-groupe-founders-essential-business-reads Essential Business Reads] ''[[Business Week]]'' 2012-04-13</ref> At that time the firm was valued at more than $1 billion,<ref>Alexis Maybank and Alexandra Wilkis Wilson, ''By Invitation Only: How We Built Gilt and Changed the Way Millions Shop'' [[Penguin Group]], 2012</ref> over four times greater than its eventual selling price.


==References==
==References==
Line 42: Line 47:


==External links==
==External links==
* [http://www.gilt.com/ Gilt Groupe]
* {{Official website|http://www.gilt.com/}}


{{Hudson's Bay Trading Company, L.P.}}
{{Hudson's Bay Trading Company, L.P.}}


{{DEFAULTSORT:Gilt Groupe}}
{{DEFAULTSORT:Gilt Groupe}}
[[Category:Online retailers of the United States]]
[[Category:Hudson's Bay Company]]
[[Category:Hudson's Bay Company]]
[[Category:Companies based in New York City]]
[[Category:Companies based in New York City]]
[[Category:Online clothing retailers]]
[[Category:Online clothing retailers of the United States]]
[[Category:Internet properties established in 2007]]
[[Category:Internet properties established in 2007]]
[[Category:2007 establishments in New York City]]
[[Category:2007 establishments in New York City]]

Latest revision as of 18:18, 17 December 2024

Gilt Groupe
Company typeSubsidiary
IndustryE-commerce
Founded2007
FoundersKevin P. Ryan, Michael Bryzek, Phong Nguyen, Alexis Maybank, Alexandra Wilkis Wilson
Headquarters
New York, N.Y.
,
USA
Key people
Jonathan Greller (President)[1]
OwnerRue La La
Number of employees
More than 1000 [2]
Websitegilt.com

Gilt is an American online shopping launched in 2007.[3] On January 7, 2016, The company was sold to Hudson's Bay Company for approximately $250 million. Prior to the Hudson's Bay acquisition, sales were exceeding growth projections but the firm had not been profitable yet.[4][5][6][7] On June 4, 2018, Boston, Massachusetts-based Rue La La acquired Gilt from Hudson's Bay.[8]

History

[edit]

Gilt Groupe is based in New York City with warehouses in Brooklyn, New York, Las Vegas, Nevada, and Shepherdsville, Kentucky.

The company was co-founded by Kevin P. Ryan, Michael Bryzek and Phong Nguyen, with Alexis Maybank, and Alexandra Wilson joining shortly after the company's inception;[9] who modeled Gilt after Vente-Privee, an online fashion retailer in France. The original business plan consisted of "flash sales," selling a limited number of luxury designer items at steep discounts for brief periods.[4]

The company launched women's clothing and accessories in November 2007 and menswear in April 2008. It added Gilt Groupe Japan, Gilt Fuse, and travel site Jetsetter in 2009.[10] It later added, Gilt City and Gilt Home in 2010 and Gilt Taste in 2011.[11]

In 2009, growth equity firm General Atlantic led a series C funding round, joined by previous investor Matrix Partners.[12][13] By February 2014, Gilt Groupe was preparing for an IPO.[14]

In 2010, Gilt acquired luxury deal-of-the-day site Bergine.[15] This was the first of several acquisitions.

According to Business Insider, during its "hyper-growth years, the company overextended itself and lost focus", as the expanded business segments such as "Full-price retail, travel, and food were sucking resources from Gilt's core categories — discounted women's fashion", and Gilt was forced to sell these non-core businesses at a loss. Flash sales companies were also seeing slower growth, thanks in part to e-mail fatigue (the key means for flash sales to be promoted) with e-mail providers increasingly classifying thыШгж ese messages as spam). The IPO kept getting delayed and ending up never happening, while the firm never reached profitability.[citation needed] By 2015, Gilt was raising money "at a lower valuation than the $1 billion at which it reportedly raised $138 million in 2011". Such a cash infusion is known as "down round" which hurts employee morale and devalues the founders' stakes.[4][5][6][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.[16]

In June 2018 it was announced the HBC would be selling Gilt to Rue La La.[17][18]

On October 2, 2019, Gilt Groupe and Simon Property Group announced a joint venture for ShopPremiumOutlets.com, an online shopping platform focused on its outlet malls, to create a new e-commerce platform dedicated to value shopping.[19]

Business

[edit]

Gilt Groupe visitors must be members in order to view sales. Sales last 36–48 hours and feature merchandise from a single brand or small groups of brands. The firm purchases vendor inventory at an extreme discount, adding a margin in order to make a profit. On August 22, 2011, Gilt Groupe added a Facebook shopping section.[20] Android and iPhone apps allow mobile shopping, and access is also available for other smartphone and tablet devices.

Book

[edit]

Penguin Group printed a history of Gilt Groupe in 2012 written by two of its founders, Alexis Maybank and Alexandra Wilkis Wilson. By Invitation Only: How We Built Gilt and Changed the Way Millions Shop was published before Gilt was bought out by Hudson's Bay;[21] At that time the firm was valued at more than $1 billion,[22] over four times greater than its eventual selling price.

References

[edit]
  1. ^ Team | Gilt Groupe | About Archived 2012-04-07 at the Wayback Machine. Gilt.com.
  2. ^ Gilt Groupe - Company Overview
  3. ^ "Author Series with Alexis Maybank of Gilt Groupe". New York Technology Council. August 7, 2012. Archived from the original on 2021-12-20.
  4. ^ a b c "Four years ago Gilt Groupe was the hottest startup in New York — Here's what happened". Business Insider. Retrieved 2018-05-23.
  5. ^ a b O'Brien, Sara Ashley. "Has Gilt Groupe hit the clearance rack?". CNNMoney. Retrieved 2018-05-23.
  6. ^ a b "Gilt Groupe sale leaves winners, losers and a cautionary tale". www.bizjournals.com. Retrieved 2018-05-23.
  7. ^ a b "Gilt Groupe's Very Cloudy Future". Recode. Retrieved 2018-05-23.
  8. ^ Segran, Elizabeth (2018-06-04). "Breaking: Rue La La acquires Gilt Groupe". Fast Company. Retrieved 2019-10-31.
  9. ^ Kucera, Danielle (June 21, 2011). "Stilettos Invade Startups as Niche-Shopping Sites Attract Women". www.bloomberg.com. Retrieved 2020-09-23.
  10. ^ Shambora, Jessica (September 30, 2009). "Gilt Groupe's Jetsetter takes off". CNN.
  11. ^ Fabricant, Florence (2011-05-17). "Gilt Taste Arrives, With Ruth Reichl at the Helm". The New York Times.
  12. ^ McMahan, Ty. "Venture Capitalists Prove They Have A Fashion Sense". The Wall Street Journal. Retrieved 16 December 2015.
  13. ^ "Gilt Groupe, Inc. Announces New Growth Capital Investment". PRNewswire. Retrieved 16 December 2015.
  14. ^ Strugatz, Rachel (13 February 2014). "Gilt IPO Puts Eyes on Flash Model". WWD. Retrieved 13 February 2014.
  15. ^ Fowler, Geoffrey A. (2010-10-26). "Gilt Makes its First Acquisition: Bergine". Wall Street Journal.
  16. ^ "Gilt Groupe to Announce Sale to Saks Fifth Avenue Owner as Soon as Thursday Morning". Re/code. Archived from the original on 2016-01-07. Retrieved 2016-01-07.
  17. ^ La, Rue La. "Rue La La to Acquire Gilt". www.prnewswire.com (Press release). Retrieved 2019-06-18.
  18. ^ "HBC To Shutter Home Outfitters Chain, Up To 20 Saks OFF 5TH Stores - Retail TouchPoints". www.retailtouchpoints.com. 25 February 2019. Retrieved 2019-06-18.
  19. ^ "Simon Property to invest $280M in online shopping venture". Recode. Retrieved 2019-10-02.
  20. ^ August 22, 2011 Gilt goes after Facebook shoppers internetretailer.com
  21. ^ Essential Business Reads Business Week 2012-04-13
  22. ^ Alexis Maybank and Alexandra Wilkis Wilson, By Invitation Only: How We Built Gilt and Changed the Way Millions Shop Penguin Group, 2012
[edit]
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