LVMH to shutter eLuxury retail operation

US: LVMH to shutter eLuxury retail operation

By just-style.com | 9 June 2009

Upmarket fashion website eLuxury is closing down its retail operations and will instead be refocused as an "online editorial destination" according to its owner, luxury goods group Moët Hennessy Louis Vuitton (LVMH).

Launched in 2000 as LVMH's internet division, the site has served as the online launch pad for brands including Dior, Fendi, Marc Jacobs, Dolce & Gabbana and Versace.

But with many of these brands now operating their own online stores, its owner believes eLuxury is ready to move "to the next step of its evolution."

This will involve repositioning it as "a premier source of editorial content, information, and inspiration for luxury customers around the world."

Until the end of June, the website is holding a designer closeout of its apparel, shoes and accessories, with discounts of up to 40%.

In February, LVMH posted a 4% rise in full-year sales to EUR17.2bn, while profit was flat at EUR2.03bn (US$2.6bn).

Its largest Fashion & Leather Goods unit posted a 7% hike in revenues to EUR6.01bn.

Sectors: Apparel, Retail

Companies: LVMH, eLuxury, Louis Vuitton, Fendi, Marc Jacobs, Versace