SOFTBANK Invests in Gilt Groupe Inc. Innovative Online Shopping Destination Expands Business in Japan through Joint VentureMay 9, 2011
Gilt Groupe Inc.
Gilt Groupe K.K.
SOFTBANK Group (Tokyo, Japan, Representative: Masayoshi Son, hereafter “SOFTBANK”) announces that it has invested 62.5 million US dollars (approximately 5.2 billion yen) into Gilt Groupe Inc. (New York, USA, Representative: Kevin Ryan), an operator of “Gilt”, an innovative online shopping destination. SOFTBANK has also agreed to acquire a 50% stake in Gilt Groupe K.K. (Tokyo, Japan, Representative: Peter Glusker), a wholly owned subsidiary of Gilt Groupe Inc. to accelerate Gilt Groupe K.K.'s expansion in Japan.
Gilt started its service in the United States in 2007, and has become one of the world's largest invitation-only shopping sites offering its more than 3.5 million members special access to the most inspiring merchandise and experiences everyday, at insider prices. Gilt continually searches the world for the most coveted brands, including fashion for women, men and children, home décor, hotels and travel experiences on every continent, and unique activities in a growing list of cities and destinations.
Gilt Groupe K.K., a subsidiary of Gilt Groupe Inc. was established in 2008, and launched its service in Japan in March 2009. Having grown rapidly over the past two years, Gilt Groupe K.K. has established itself as the industry leader in the Japanese market with its high-quality service and products. The company will continue to expand its business through its joint venture with SOFTBANK which has wide range of experience in the Internet field.
About Gilt Groupe Inc.
Gilt Groupe, www.gilt.com, is an innovative online shopping destination offering its 3.5 million members special access to the most inspiring merchandise and experiences every day, many at insider prices. Gilt continually searches the world for the most coveted brands, including fashion for women, men and children, home décor, hotels and travel experiences on every continent and unique activities in a growing list of cities and destinations. We believe that every day is an opportunity to inspire and be inspired.
Gilt Groupe K.K., www.gilt.jp, was launched in March 2009, and has established itself as the leading flash-sales site in Japan with over 600,000 members.
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