LuxeYard Taps Growing Indian Market with Expansion
July 19, 2012,
According to the terms of the agreement, Chimala will establish LuxeYard India, which will work closely with the U.S. team to leverage the company's existing e-commerce platform and operations infrastructure as well as product category expertise.
"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, LuxeYard. "Under Sashi's leadership and with his history of successful entrepreneurial ventures, we have great confidence that our partnership will be successful."
Non-travel e-commerce, 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.
LuxeYard's Indian venture expands the company's international presence, and creates increased revenue potential through reciprocal access to products offered on both sites, according to the company.
"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. "Our partnership is structured to immediately leverage our respective products, people and technology and will allow LuxeYard to enter the market quickly. Over time it will also allow us to realize even more efficiencies and cost savings."
LuxeYard also recently expanded its presence to Australia through a partnership with buyinvite as well as New Zealand.
LuxeYard will maintain ownership of all developed intellectual property related to LuxeYard India.
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