Gilt Groupe Secures New Financing
Goldman Sachs and Softbank Group have announced $138M in funding for the luxury online shopping site run by Gilt Groupe: http://bit.ly/jkKZAQ
Official Announcements:
http://www.softbank.co.jp/en/news/press/2011/20110509_02/
http://cdn1.gilt.com/pr/139097/gilt_groupe_announces_funding_final_press_release.pdf
Goldman Sachs and Softbank of Japan are at the head of a group of investors providing $138m in financing to Gilt Groupe, a US luxury fashion website that is one of the biggest names in members-only designer shopping.
The new financing supports estimates valuing Gilt at about $1bn, according to Karen Yau Smith, vice-president at Gridley & Co, an investment bank. On Goldman’s participation, she said: “It’s a stamp of approval, a sign that Gilt is doing the right thing.”
Goldman Sachs joined Gilt’s financing as part of a syndicate of new investors in the latest example of an investment bank looking to secure a stake in a fast-growing internet company. Via FT