GILT Groups Raises 35M for Luxury Expansion Plans
By Azam on May 14, 2010 
Gilt Groupe is highly successful luxury online retail site has raised 35M to fuel further expansion. Gilt has skillfully navigated the luxury segment of retail ecommerce through simple and sleek designed site that offers steep discounts for members only invitation that sells well. The Guilt Groupe focus on luxury clothing and accessories brands for both women and men. Recently, Guilt expanded into luxury travel deals through site jetsetter.com. Gilt has also expanded into the home furnishing with Gilt Home. The Gilt new initiative is to bring the model to local markets with GiltCity. Currently, there is a beta site focused exclusively on New York City. Gilt plans international expansion with and are set to enter Japan market.
Gilt is currently testing an early version of a new site called GiltCity, which offers special deals on local New York City services from higher end segments such as spas, restaurants and sporting events,.
Last year, the company generated $170 million in revenue, up from $25 million the previous year. This year, sales could land between $400 million and $500 million according to the company.
Several privately held companies with similar revenue figures have used large capital injections to cash out early shareholders, but Gilt’s recent funding will be used entirely to fund new business units, the company said.
The round is an extension of a $43 million Series C funding provided in August by General Atlantic Partners and Matrix Partners, only at a higher valuation, according to company spokeswoman Jennifer Miller. Specific valuation wasn’t disclosed. Matrix and General Atlantic provided the $35 million extension.
Guilt Groupe has hired seasoned management Susan Lyne from Omnimedia. Recently Gilt Group has hired Andrew Page as CFO in anticipation of going public in 2011 time frame.
Gilt is part of Alley Corp, the online holding company founded by Kevin Ryan and Dwight Merriman, the former CEO and CTO of DoubleClick, respectively.
Tags : Andrew Page, General Atlantic partners, Gilt, Gilt Groupe, Groupon, jetsetter, Matrix, Omnimedia, Susan Lyne