The private buying club wars of Latin America, begun they have.
Privalia Venta Directa has secured ?70m ($95m) from General Atlantic and Index Ventures, plus existing shareholder Highland Capital, to basically roll-up all the private online sales clubs in the region, as well as consolidate positions in Europe, according to Lucas Carn�, joint chief executive and co-founder of Privalia.
It's the latest in a number of investments by VCs in the exploding world of private online sales clubs. The sites are most popular in France, Spain and Italy, especially amongst fashion-conscious consumers, a ?3bn sales market in Europe. In the UK there are already plenty of ways to get discounted fashion. These clubs mash together members looking for the same brands, usually fashion, to create a group discount. Brands use them to get rid of excess inventory in flash sales over one or two days, or win new business through special offers.
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