For Jack Ma, executive chairman of Alibaba Group Holdings, today is an extremely busy and lucrative day because the company he founded 15 years ...
The online retail giant has agreed to acquire BuyVIP.com.
Amazon.com Inc. has reached an agreement to acquire BuyVIP.com, a fashion and lifestyle online buying community with more than 6 million members in countries including Spain, Germany and Italy.
Terms of the purchase, which was announced yesterday, were not disclosed. The acquisition is subject to regulatory approvals and is expected to close in the fourth quarter of 2010, Amazon says.
BuyVIP.com offers its members limited-time deals from top fashion and lifestyle brands at low prices, Amazon says.
“BuyVIP.com is an excellent complement to Amazon’s European business and will provide another unique way for Amazon customers to find and discover unique and compelling products,” says Greg Greeley, vice president of European Retail at Amazon, No. 1 in the Internet Retailer Top 500 Guide.
BuyVIP.com was founded in Madrid in 2006 and launched Spanish and German web sites the same year. The company rolled out its Italian site in early 2007. The company also serves members Austria, the Netherlands and Portugal, and offers products from more than 500 brands, Amazon says. Prices typically are discounted 30% to 70%.
“We are excited about joining the Amazon family and believe doing so will help us further grow our presence in Europe and allow us to offer our members an even broader selection of high-quality products,” says Gustavo Garcia Brusilovsky, CEO of BuyVIP.com.
In June, Amazon announced it was acquiring daily deal site Woot.com, No. 176 in the Internet Retailer Top 500 Guide, which generated Internet Retailer-estimated web sales of $71.6 million in 2009 and offers one discounted item a day such as computer hardware or an electronics gadget.