Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Park & Bond will sell luxury men’s apparel and launch in late summer.
Gilt Groupe Inc. will depart from the limited-time, deep discount e-retail model that fueled its enormous sales growth with the launch this summer of Park & Bond, a men’s apparel site that sells items at full price. The company says the success of Gilt MAN, the company’s flash-sale site for men, inspired it to move into full-price retail.
“Moving into the full-price retail space is the natural next step following the runaway success of Gilt MAN,” says John Auerbach, general manager of Gilt MAN. Auerbach will also work as president of Park & Bond.
Gilt Groupe, No. 49 in the Internet Retailer Top 500 Guide, had Internet Retailer-estimated sales of $425 million in 2010, up from $170 million in 2009 and $25 million in 2008. The e-retailer is currently testing another non-flash sale site, GiltTaste, which sells gourmet foods.
The e-retailer says Park & Bond will stock 80 brands at launch, including items from Alexander McQueen, Thomas Pink, Theory, Brooks Brothers and Etro. The site is named after two New York streets, Park Avenue and Bond Street.