Luxury online retailer has become the latest casualty with the announcement that it plans to shut down its operations at the end of the month. "Obviously, this is a sad and disappointing outcome for a venture in which all of us believed in enormously," said Luxlook's chairman and chief executive officer, Francesco Marini Clarelli. "While we consider that the Internet may eventually prove to be a significant and viable market for luxury fashion projects, the slower than expected growth in the company's sales and the very difficult capital market environment make it imprudent for the company to continue operations."