Madison Reed has raised $32.1 million since launching 15 months ago.
GittiGidiyor sells items at fixed prices and has 6.4 million registered users.
EBay Inc. said today it plans to buy enough outstanding shares in GittiGidiyor to take a 93% ownership stake in the Turkey-based online marketplace. Launched in 2001, GittiGidiyor has 6.4 registered users, eBay says. EBay took a minority stake in the Turkish company in 2007.
“We knew that when we acquired a stake in GittiGidiyor that we were buying into an excellent business in an exciting e-commerce market,” says Doug McCallum, senior vice president for eBay in Europe. “Since 2007, we have been impressed with GittiGidiyor, its people, and its successful approach to e-commerce. There is a lot that we can learn from GittiGidiyor, and much we can share.”
EBay expects the deal to close by June 31. ILab Ventures, a Turkey-based Internet investment firm, will control the remaining 7% stake.
All transactions on GittiGidiyor are fixed price, not auctions. The company’s largest product categories are fashion and consumer electronics, eBay says. The Turkish company has 150 employees.
“By being fully part of eBay, we can accelerate our development, benefit from world-class best practices and consolidate our leadership position in one of Europe’s fastest-growing -commerce markets,” says Serkan Borançılı, chairman of GittiGidiyor’s board of directors.
EBay’s acquisition of a majority stake in the company follows by less than a month eBay’s announcement that it will buy e-commerce services firm GSI Commerce Inc. And late last year, eBay said it would buy a German private-sale online apparel retailer called Brands4friends.
J.J. McCarthy, senior manager of Internet marketing at eBay Inc., will speak at the Internet Retailer Conference and Exhibition 2011 in a session entitled "How eBay built a top-producing affiliate program in-house—and how you can too."