French based flash-sales portal Vente-Privee which is present in 8 European countries and in the U.S. posted a 23% revenue increase in 2013 to US$2 billion, aiming for revenues of US$11 billion by 2024. Vente-privee’s best performing European market in 2013 was Italy, which posted a 40% growth in revenues.
Vente-Privee is focusing on demand for bargains in its home region and in the U.S. as online retailers from Asos Plc to Yoox SpA expand in fast-growing markets such as China. The company’s French website gets 840,000 daily visits, ranking it behind Amazon, with 1.51 million visits, and eBay with 1.03 million, according to e-commerce association Fevad.
“We could grow quicker, but that would mean giving up some profitability to invest in notoriety,” said Jacques-Antoine Granjon , CEO of Vente-Privee. “I’d rather go slower and be profitable.” Profit was about 5 percent of sales in 2013, he added.
Sales in the U.S., which Vente-Privee entered in 2011 through a joint venture with American Express Co., doubled to $50 million last year. The unit, based in Manhattan, should break even next year, said Granjon.