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Gilt Groupe

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Gilt Groupe
Company typePrivate
IndustryE-commerce
Founded2007
FoundersKevin P. Ryan - Dwight Merriman - Alexis Maybank - Alexandra Wilkis Wilson
Headquarters
New York, N.Y.
,
USA
Key people
Kevin P. Ryan (CEO) - Susan Lyne (Chairman) - Andy Page (President)[1]
Number of employees
More than 1000 [2]
Websitegilt.com

Gilt www.gilt.com, is an innovative online shopping destination, based in the United States, offering its members special access to the most inspiring merchandise and experiences every day at insider prices. Gilt continually searches the world for the most coveted brands and products, including fashion for women, men, and children; home decor; artisanal ingredients; hotels and travel experiences on every continent; and unique activities in select cities and destinations. Gilt Groupe was founded in 2007 and has over 6 million members[3]. We believe that every day is an opportunity to inspire and be inspired.


History

In spring 2007, Kevin Ryan recognized a market opportunity to start online flash sales in the United States and introduce consumers to a new, exciting ecommerce experience. He set out to build a core founding team, and brought on Mike Bryzek and Phong Nguyen as the technical masterminds. From the start they worked to create the fastest, most exciting shopping experience online. They strove to ensure that all customers who shopped on Gilt received unparalleled customer service from the moment they entered the virtual doors, to the instant the gleaming box arrived at their doorstep. Alexis Maybank and Alexandra Wilkis Wilson, long time friends and devoted New York City designer sample sale shoppers, were next to join the team, bringing their personal passions for online shopping to the group. Alexis, with a background in eCommerce at eBay and AOL, and Alexandra, with a background in luxury goods from Bulgari and Louis Vuitton, set out to build the rest of the Gilt team. They got the word out to savvy shoppers across the country, and set their sights on the best designer brands and services to be featured on Gilt.com. Together, this founding team of five created a new way for millions of consumers to shop curated styles, goods and services, all at insider pricing.

The company launched women's clothing and accessories in November 2007, men's in April 2008, Gilt Groupe Japan in February 2009, Gilt Fuse in August 2009, travel site Jetsetter in September 2009, Gilt City in April 2010 and Gilt Home in May 2010. Gilt Groupe is based in New York, N.Y. with warehouses in Brooklyn, NY, Las Vegas, NV, and Louisville, KY.

Gilt Groupe has raised a total of $174 million to date, its investors include Matrix Partners[4] and General Atlantic.[5] In a February 2011 interview, Gilt Groupe CEO Kevin P. Ryan said the company was considering a public offering in 2012.[6]

Business model

Gilt Groupe visitors must be members in order to view sales. Initially, membership was by invitation only. However, Gilt Groupe no longer uses this policy, and non-members can now sign up directly on gilt.com without having been invited. New sales typically start at Noon EST, last 36–48 hours, and feature merchandise from a single brand or small groups of brands at prices 50%-70% off of manufacturer's suggested retail prices. For Gilt's business model to work, the company general agrees to purchase vendor inventory at an extreme discount, and then adds a margin on top of the discounted price in order to make a profit and sell items at a discount.[7] An email announcing the start of each day's sales is sent to all members shortly before the sale starts, and orders are taken on a first come, first-served basis. As orders are received, they are shipped directly from warehouses in either Brooklyn, N.Y., Andover, Mass., or Louisville, Ky.

Recently, Gilt has experimented with sales model different than its original flash sales method. On April 13, 2010, Gilt Groupe offered summer Helmut Lang collection for non-discounted full price. In addition, unlike flash sales of 36 to 48 hours, Helmut Lang products were offered for one week. However, if a customer spent at least $250, purchases came with an exclusive Helmut Lang tank and a $50 credit toward a future Gilt purchase.[8]

On August 8, 2011, Gilt Groupe announced the launch of Park and Bond. A standalone website, Park and Bond offers luxury clothing brands and style advice to help men make better style choices.[9]

On August 22, 2011, Gilt Groupe started letting customers shop directly through Facebook. Consumers on Facebook will also have access to shop select offers before the sales launch on the Gilt.com e-commerce site. [10]

Gilt Man

On October 14, 2009, Gilt launched a men's-only sale site called Gilt Man.[11][12]

Jetsetter

After debuting a Beta version of an invitation-only travel sales site called Jetsetter on September 30, 2009,[13] Gilt Groupe officially launched Jetsetter on April 8, 2010. Jetsetter destinations include more than 200 properties in over 20 countries.[14] Jetsetter is expected to become a rival of airbnb.[15]

Gilt City

Gilt City is a location-based deal service similar to Groupon, WagJag and Living Social. Curators seek out luxurious events, services and experiences available in major cities and offer discounts and deals to Gilt Group members. Currently, Gilt City is available in Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, Philadelphia, San Diego, San Francisco, Seattle, and Washington, D.C..[16]

Gilt City launched on April 23, 2010, only being available in New York City.[17] On September 14, 2010, Gilt Group expanded Gilt City to Boston, Chicago and Miami.[18] In addition, Gilt Groupe Japan launched Gilt City Japan.[19][20]

In October 2010, Gilt Groupe acquired Bergine, a leading luxury deal company with operations in San Francisco, Napa Valley and Los Angeles.[21] Founded by husband and wife team Ian Picache and Patricia Calfee,[22] Bergine launched in San Francisco in March 2010.

In August 2011 East Hampton (village), New York sought an injunction against the activities in “Hamptons House." The village noted that tickets were being sold for a business to be operated out of a house zoned for residential use only. The Gilt Groupe rented the house. Tickets for events ranged from $25 to $1,500.[23] Gilt said it would not hold events at the house but that it would have the events elsewhere. [24] Gilt moved the events to a house in Scuttlehill Road in Bridgehampton, New York where it held a dinner with chef Scott Conant ($125) and yoga with Russell Simmons ($75).[25]

Gilt Taste

Gilt Taste is a public, gourmet food site which is both an e-commerce shop which gives direct access to artisan products[clarification needed] and ingredients as well as an interactive magazine of original recipes and stories from chefs and food experts. Gilt Taste launched on May 18, 2011.[26]

Mobile applications

Gilt Groupe has been quick to adopt mobile application to provide users with abilities to shop through mobile devices. On September 29, 2009, Gilt Groupe announced the introduction of the Gilt on the Go App for iPhone on the Apple App Store.[27] Also, on April 3, 2010, Gilt Groupe announced the launch of its Gilt App for iPad, becoming one of the first retailers to develop an iPad application. In order to promote Gilt App for iPad, Gilt Groupe granted instant Gilt Groupe membership to all iPad owners who download the app and also gave a $10 credit to the first 10,000 iPad owners who register for new membership through the app.[28]

Book

Founders Alexis Maybank and Alexandra Wilkis Wilson have released a book By Invitation Only: How We Built Gilt and Changed the Way Millions Shop.[29]

References

  1. ^ [1]
  2. ^ Company Sources
  3. ^ "Author Series with Alexis Maybank of Gilt Groupe". New York Technology Council. August 7,2012. {{cite web}}: Check date values in: |date= (help)
  4. ^ "Gilt Groupe Grabs $5M". Red Herring. Retrieved 2009-10-10.
  5. ^ [http://www.generalatlantic.com/en/news/article/1015 "Gilt Groupe, Inc. Announces New Growth Capital Investment"]. General Atlantic. Retrieved 2009-10-10. {{cite web}}: Check |url= value (help)
  6. ^ Rusli, Evelyn M. (February 18, 2011). "Gilt Groupe Chief Considering I.P.O. in 2012". The New York Times.
  7. ^ https://www.quora.com/Gilt-Groupe/How-does-Gilts-business-model-work
  8. ^ "Not Every Sale on Gilt Is a Sale".
  9. ^ "Gilt Groupe Announces Launch of Men's Luxury Retail Site PARK & BOND - NEW YORK, Aug. 8, 2011 /PRNewswire/". New York: Prnewswire.com. Retrieved 2011-08-09.
  10. ^ August 22, 2011 http://www.internetretailer.com/2011/08/22/gilt-goes-after-facebook-shoppers
  11. ^ "It's a Gilt Man's World".
  12. ^ "Gilt Groupe Launches Gilt MAN".
  13. ^ Shambora, Jessica (September 30, 2009). "Gilt Groupe's Jetsetter takes off". CNN.
  14. ^ "Jetsetter Emerges From Beta in Time to Cure Summer Vacations From a Case of the Ordinaries".
  15. ^ http://vator.tv/news/2011-09-12-jetsetter-unveils-airbnb-rival-jetsetter-homes
  16. ^ "The Biggest Deal in Your City".
  17. ^ posted on Friday, April 23rd, 2010 (2010-04-23). "Gilt Launches Groupon Competitor 'Gilt City' In NYC". TechCrunch. Retrieved 2011-08-09.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  18. ^ posted on Tuesday, September 14th, 2010 (2010-09-14). "Gilt City Makes It Official, Expands Into Six U.S. Cities". TechCrunch. Retrieved 2011-08-09.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  19. ^ "Gilt Groupe, Inc. Names Peter Glusker as Chief Executive Officer of Gilt... - NEW YORK, Dec. 16, 2010 /PRNewswire/". New York, Japan: Prnewswire.com. Retrieved 2011-08-09.
  20. ^ Posted December 16, 2010 (2010-12-16). "Gilt Groupe Appoints Peter Glusker as CEO of Gilt Groupe Japan & Gilt City Japan - Citybizlist New York". Newyork.citybizlist.com. Retrieved 2011-08-09.{{cite web}}: CS1 maint: numeric names: authors list (link)
  21. ^ Fowler, Geoffrey A. (2010-10-26). "Gilt Makes Its First Acquisition: Bergine - Digits - WSJ". Blogs.wsj.com. Retrieved 2011-08-09.
  22. ^ "Couples Tips - Couples Who Are Happy Working Together at". Womansday.com. Retrieved 2011-08-09.
  23. ^ Garrison, Virginia (2011-08-04). "UPDATE: Gilt City East Hampton House Party Is Off". 27east. Retrieved 2011-08-09.
  24. ^ http://easthampton.patch.com/articles/mayor-small-victory-for-zoning-as-gilt-city-abandons-plans
  25. ^ "Elliptical vs. treadmill: Which will give you the better workout?". Daily News. New York. 2011-08-15.
  26. ^ Fabricant, Florence (2011-05-17). "Gilt Taste Arrives, With Ruth Reichl at the Helm". The New York Times.
  27. ^ "Gilt Groupe Launches the Gilt on the Go App on the App Store" (PDF).
  28. ^ "Gilt Groupe Launches New App for iPad – Now Available on the App Store" (PDF).
  29. ^ [2]
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