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www.ecommerce-guide.com/news/news/article.php/1452131
By Colin C. Haley August 26, 2002 Everyone loves a bargain. That's the simple premise behind the success of SmartBargains. Of course, renewed marketing agreements with portal power players AOL and MSN don't hurt either. But what keeps customers coming back is the quickly rotating stock of brand name clothing and accessories (Prada, DKNY, Fendi, Harve Benard), electronics (Advent, Audiovox, Panasonic) and home decor (Bed & Bath, Mikasa, Waterford). Business is so brisk, that two-year-old SmartBargains is predicting profits by year's end. Investors are impressed with the company's fast track to the black and have pumped another $9 million in financing into the company. "SmartBargains is one of the few Internet retailers that has built a powerful business based upon brand name merchandise, significant savings and healthy margins," said Debra Somberg, Maveron, a Seattle-based investor. Maveron led the latest round. Initial backers, Highland Capital Partners, Gordon Brothers and AOL Time Warner Ventures also participated. To date, the firm has banked $47 million in venture capital. SmartBargains' recently enhanced site offers consumers discounts up to 80 percent off thousands of items. With merchandise changing daily and the deals selling out quickly, users have an incentive to visit the site often. SmartBargains' CEO Carl Rosendorf, is a former Barnes & Noble.com executive. Other managers at the privately held firm have experience in merchandise liquidation. Financial terms of SmartBargain's deals with AOL and MSN were not disclosed. The portals, run by AOL Time-Warner and Microsoft, respectively, view the service as an additional offering for users who use their sites as jumping off points for shopping and other online activities. |
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