Groupon Inc (GRPN) has acquired Ideeli for $43 million
Groupon Inc (NASDAQ:GRPN) has acquired Ideeli. Ideeli is a leading online fashion retailer. The deal is closing today for $43 million in cash. Ideeli offers millions of members access to leading men’s and women’s brands of apparel, accessories, and home decorations. Ideeli is based in New York and was founded in 2007.
“We are thrilled to add ideeli and their team to our company,” stated Groupon CEO Eric Lefkofsky. “Ideeli extends our fashion presence and brings great relationships with many of the top brands in apparel. Our customers have a demonstrated appetite for these offers, and by broadening our reach in this space Groupon is even better positioned as the place you start when you want to do or buy just about anything, anytime, anywhere.”
Ideeli’s investors took a hit in the deal. Ideeli raised over $100 million in venture capital. Ideeli is not profitable yet as they have lost $30 million on $115 million in gross revenues for the 12 months ending February 2, 2013, according to regulatory filings. Ideeli has over 150 employees and it is unknown how many Groupon will hire.