Parent Company of German Uber-Private Buying Club BestSecret.com Gets Cash Injection of $248M from AXA Private Equity
BestSecret.com Expands Beyond Germany
The private equity firm AXA has taken a majority stake in Schustermann & Borenstein, a family-owned firm who’s focus is to export clothing, and also the parent company of BestSecret.com. BestSecret.com can be described as exclusive shopping community.The investment is said to be worth €200 million (roughly $248 million) and could help with expanding the BestSecret model to other European countries, where private buying clubs are very popular.
Schustermann & Borenstein has established a business in clothing export to Eastern Europe and other parts of the continent, but it has also built up a business selling clothes at retail level through a members-only model. The family has two private stores in Munich, which is how Best Secret fits in.
BestSecret is a small and exclusive shopping community. They offer their members the opportunity to present brand and designer merchandise discounts to buy up to 80% (Over 7,000 products from more than 900 brands). As a subsidiary of a textile wholesaler, we have relationships with more suppliers than any other company.
Online private buying clubs have become all the rage in European countries. KupiVIP, which is consider the Gilt Groupe of Russia is also very popular and has also received an injection of funding recently http://www.fashinvest.com/russian-flash-sale-powerhouse-kupivip-earns-38m-in-round-led-by-intel-capital/, there is also Tagadas, a private buying club in the UK.
By Lolita A. Alford