Gilt Groupe Inc. has put its Jetsetter unit up for sale and is seeking as much as $50 million for the luxury travel site, according to The Wall Street Journal. Initially, the company had been seeking around $100 million for the unit, but so far there hasn't been much interest.
The Internet-based fashion company has been pitching Jetsetter to other online travel companies, private equity firms and other players in the past several weeks, people familiar with the matter said. Gilt had been seeking around $100 million for the unit, but so far there hasn't been much interest, some of the people said.
Gilt's move to sell the unit underscores how the New York based company has struggled at times to expand beyond its core business of holding time-limited online "flash sales" of women's fashions. It is under pressure to increase its revenue and expand into new markets, having raised another $138 million last year from a group of venture capitalists, a deal that valued the small retailer at $1 billion.
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