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This article was published on October 4, 2010

Amazon reportedly makes a luxury purchase: acquires BuyVIP for 70M Euros

Amazon reportedly makes a luxury purchase: acquires BuyVIP for 70M Euros
Chad Catacchio
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Chad Catacchio

Chad Catacchio is a contributor writing on a variety of topics in tech. He has held management positions at a number of tech companies in th Chad Catacchio is a contributor writing on a variety of topics in tech. He has held management positions at a number of tech companies in the US and China. Check out his personal blog to connect with him or follow him on Twitter (if you dare).

According to the Wall Street Journal, Amazon has acquired BuyVIP for 70 million Euros ($96.5 million).

BuyVIP, which sells luxury clothes at a discount, has more than 6 million members in Spain, Italy, Germany, Austria, Poland, the Netherlands and Portugal. While most likely Amazon made the acquisition (assuming its a done deal) to further its presence in the European market, TechFlash also believes that Amazon might also be thinking of taking the ideas behind BuyVIP to the United States, possibly in some combination with Zappos.

Discounted luxury items is certainly a hot topic right now, both as a result from sites like BuyVIP, the Groupon-phenomenon and a growing number of startups focused on luxury sales, like ToVieFor, which we covered last week.