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."

The United States and the United Kingdom sites will cease trading on Thursday, May 31st, 2001 while the rest of Europe site, serving 14 countries, will close today. A limited staff will be maintained in the New York and Milan offices to insure a smooth transition in closing. launched in August 2000 to sell luxury accessories from the world's leading fashion brands. Its service was rolled out in the United Kingdom and Germany in November 2000. In March 2001, the company added a Rest of Europe site to serve 13 additional European countries.