Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Little Black Bag enables shoppers to trade items with each other.
Credit LittleBlackBag.com for adding a twist to web shopping and subscription retail. Consumers pay the nearly year-old e-retailer $29.95 or $49.95 for a bagful of cosmetics and fashion items. They then have up to a week to trade with other online shoppers before Little Black Bag ships the items. Consumers can make exchanges and returns for 30 days. Little Black Bag says some customers will win hot seasonal products—“Delights” in the retailer’s terms—worth four to five times the price of the bag. The typical consumer spends 30 minutes per trading session, says CEO Dan Murillo, with roughly 1 million trade offers taking place every month. “The decision of whether to send or accept a trade offer encourages creativity—it’s like a game,” he says.
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