December 9, 2002, 12:00 AM

Diamond.com will acquire Ashford.com from GSI Commerce

GSI Commerce will become a shareholder in Diamond.com as part of the sale of Ashford to the online jewelry retailer.

Online jewelry store Diamond.com has agreed to buy upscale gift retailer Ashford.com from GSI Commerce Inc. GSI, which made its mark in the Internet retailing world as Global Sports, the operator of major sporting goods retailers, bought Ashford just over a year ago as a way to diversify its web offerings.

Before its acquisition by GSI Commerce, Ashford.com was a public company with annual revenues of more than $45 million. As part of the deal, GSI will become a shareholder in Diamond.com.

“The strong brand heritage and loyal customers of Ashford create an excellent match with our luxury goods infrastructure and overall category expertise,” said Alan Lipton, president and CEO of Diamond.com.

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