Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
High-end department store chain Saks Fifth Avenue joins the flash-sale gold rush.
High-end department store Saks Fifth Avenue today joined the flash-sale gold rush, launching a service that enables fashion-attuned consumers to buy designer apparel and luxury products at up to 70% off regular prices.
Consumers can find the deals at www. SakfsashionFix.com; as is typical with flash-sale retailing, sales are offered only to members, though the retailer says it will enable current customers of Saks.com to create accounts with the new flash-sale service, a spokeswoman for the retailer says.
Saks will offer the daily FashionFix sales beginning at noon Eastern time. Sales last 72 hours. Products will come from brands that already sell items for full price through Saks, the retailer says. Customers buying the flash-sale items can use free shipping codes from Saks.com. All orders of $150 more on the sale site will ship free, the site says.
Visitors to SaksFashionFix.com today are encouraged to sign up, and offered a 10% coupon if they do. The sign-up form asks for an e-mail address, and notes that consumers will receive no more than four texts a month from Saks. Sign up for e-mail alerts and, the site says, “You’ll be the first to know about the latest trends, the newest collections, exclusive events, promotions and more.”
Saks gave no details about how the flash-sale service will differ from those already offered by the likes of Gilt Groupe, No. 49 in the Internet Retailer Top 500, Rue La La, No. 82, and HauteLook, No. 156, which was bought earlier this year by Nordstrom Inc., No 34. “Saks FashionFix offers authentic luxury products that have edited with a fashion sensibility,” the spokeswoman says.
Saks Direct is No. 38 in the Internet Retailer Top 500 Guide.