Report: Gilt Groupe is going public this year

Posted Feb 11, 2014

Gilt Groupe is planning to go public, which they have been considering for the last couple of years. The IPO will likely happen in Q3 of this year, according to Re/Code. Goldman Sachs will manage the offering, which also happens to be one of Gilt’s investors. Gilt has raised over $200 million in funding since launching in 2007. Gilt Groupe sells discounted high-end clothing.

Gilt Groupe is believed to have generated over $550 million in 2012 gross sales, which is up from $450 million in the previous year. The gross sales in 2013 are unknown.

Gilt Groupe is the first New York City based company that focused on flash sales in the U.S. The company made a few bad investments after that though. The company launched a full-price men’s business and a food category, but ended up having to cut 10% of their staff in early 2012.

[Source: Recode]