Luxeyard, a boutique luxury flash sale site, is to expand into India under an exclusive licensing deal with retail entrepreneur Sashi Chimala.
Luxeyard is the pioneer of ‘concierge buying’, which gives members the power to determine what items will be sold on the site, and group buy which allows them to lower the price by sharing sale items with friends.
Under the terms of the agreement, Chimala will establish Luxeyard India with a dedicated team to build up product acquisition, marketing and merchandising operations and to manage the site.
Working closely with the US team, Luxeyard India will leverage the company’s existing e-commerce platform and operations infrastructure, as well as its extensive knowledge of selling fashion, home furnishings and decor via the flash sale model.
“This exciting deal provides access to one of the fastest growing e-commerce markets in the world, where rising consumer spending power and demand for luxury goods will combine to help us achieve our revenue goals and business objectives,” said Braden Richter, Luxeyard CEO. “Under Sashi’s leadership and with his history of successful entrepreneurial ventures, we have great confidence that our partnership will be successful.”
The new venture expands upon Luxeyard’s growing international presence, and provides increased revenue potential through reciprocal access to the products offered on both the US and Indian sites. Luxeyard India will make its products available to the company’s global distribution network, and products that Luxeyard sources in the US and from throughout the world will be made available to the Indian market.
“The e-commerce market is in a state of rapid growth and the flash sale model is just now beginning to emerge in India,” said Chimala. “Our partnership is structured to immediately leverage our respective products, people and technology and will allow Luxeyard to enter the market quickly. Over time it will also allow us to realise even more efficiencies and cost savings.”
Chimala is recognised for his ability to create consumer brands and develop marketing and promotion programs, as evidenced by three successful technology startups in the US and two consumer retail startups in India. He was part of the founding teams of Covansys and Indigo Technologies, PayPod.com and Knibble.com. He also founded Qwiky’s Coffee and JavaGreen.
India joins Australia and New Zealand as recent new international territories for Luxeyard, further bolstering the company’s global presence.
GB
