LuxeYard taps growing Indian e-commerce market with expansion
Alex Lemonde-Gray -- Furniture Today, June 7, 2012
LOS ANGELES — LuxeYard, a members-only flash sales site for home furnishings and fashion products, plans to expand to India under an exclusive licensing deal with veteran technology and retail entrepreneur Sashi Chimala.
Chimala will establish LuxeYard India, which will work with the U.S. team to leverage the company's e-commerce platform and operations infrastructure as well as product category expertise. LuxeYard will maintain ownership of all developed intellectual property related to LuxeYard India.
"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, CEO of LuxeYard.
Non-travel e-commerce in India, currently 30% of the total industry, is estimated to grow 10 times to approximately $6 billion by 2015, according to the Internet and Mobile Association of India.
The e-commerce market is in a state of rapid growth and the flash sale model is just now beginning to emerge in India," Chimala said.
LuxeYard also recently expanded its presence to Australia and New Zealand through a partnership with buyinvite.