Funding
Internet retail start-up BuyVIP has announced the completion of a €14.9 million round led by Kennet Partners, which will invest up to €11.1 .million. Kennet joins existing investors Bertelsmann Digital Media Investments (BDMI), 3i Group and Molins Capital Inversión,
BuyVIP is a self-styled private buying club, which specialises in branded designer labels. The company has more than 400 brand relationships and an online community of more than 3.5 million members. The online marketplace invites its members to private sale events, offering discounts of between 30 to 70 per cent.
BuyVIP already has operations in three European countries and will use the capital to expand to others. “The overall shift from offline stores to the Internet continues and there are substantial opportunities within this trend,” said Kennet’s managing director David Carratt
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