Groupon announced on Monday that it has acquired fashion retailer ideeli for $43 million in cash. The purchase, Groupon says, will extend its presence in fashion and apparel.
"These types of offers have been very popular with Groupon customers, and ideeli brings a significant presence within the industry as well as great relationships with top brands," a Groupon spokesperson tells WebProNews. "Some research estimates that the off-price fashion market is around $40 billion today, including both online and offline retailers. By adding ideeli to our family, we’re better suited to grab a bigger slice of this market as we continue to position Groupon as the place you start when you want to do or buy just about anything, anytime, anywhere."
“Groupon’s brand, reach and vision as an ecommerce destination make it a tremendous place to continue to grow our company,” said ideeli CEO Stefan Pepe. “We look forward to bringing the great deals we offer to Groupon customers.”
Ideeli will maintain its New York headquarters, and its site will continue to operate independently of Groupon. In fact, they're giving customers 20% off of their next purchase through Tuesday to celebrate the news.
Groupon's getting off to a fast start with the acquisitions in 2014. Earlier this month, the company completed its previously announced acquisition of Ticket Monster from rival LivingSocial (whose CEO just announced his resignation last week).
Image via ideeli