Online Luxury-Fashion Retailer Gilt Groupe Raises $40 million

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The Gilt site which sends its selective members sale and clearance information on expensive fashion items has just raised $40 million in capital from General Atlantic and Matrix Partners, reports The Business Insider. The New York based company has been valued at $400 million and anticipates bringing in $500 million in revenue next year, is able to offer its members better prices on luxury goods because it also acts as a channel for designers to unload excess inventory. With the credit crunch prompting a drop in discretionary purchases, designers say they have more surplus on their hands than usual. To become a member, ...