One of America’s biggest online retailers, Gilt Groupe has long people talking about its journey from a flash sales website to a name parallel to luxury brands. It was founded back in 2007 and has staged flash sales covering a gamut of segments including everything from women’s, men’s and children’s designer apparel and accessories, luxury home accessories and even high-end travel destinations. And all this at discounted sales price and for limited period i.e. ordinarily between 36 to 48 hours.
In the year 2009, it earned the title of “Darling of Luxury-obsessed Bargain hunters’ from none other than FastCompany. It’s a haven for all those are brand conscious and are always on watch for hot deals. The company was founded by Kevin P. Ryan who was also the co-founder of Double-Click. Other promoters included early eBay executive Alexis Maybank and Louis Vuitton and Bulgari merchandising executive Alexandra Wilkis Wilson. They initially started with the women’s clothing and accessories segment and eventually spreading their wings out to other areas.
Gilt Groupe is known to raise a total of $48 million to date and folks like Matrix Partners and General Atlantic are among their top-notch investors. This is perhaps why we chose them in our list of 5 nominees for the cult of luxury category. Click here to vote for this nominee.