Rue Gilt Groupe planning IPO

E-commerce retailer Rue Gilt Groupe, a company best known for selling discount designer fashions, is in the beginning stages of preparing for an IPO. The news was reported by Bloomberg.

Rue La La and Gilt Groupe are the company’s key sites featuring over 5000 luxury brands with discounts as deep at 70 percent. In 2019, mall owner Simon Property Group acquired a 50 percent stake in the brand for 280 million dollars. The business is also backed by billionaire Michael Rubin.

Rue Gilt Groupe has reported they have over 25 million members and are on track to surpass over 1 billion dollars in sales. In 2018, Gilt Groupe was acquired by Rue La La forming Rue Gilt Groupe.