Amazon buying members-only European online retailer BuyVIP for undisclosed price
By APThursday, October 7, 2010
Amazon buying European members-only Web store
SAN FRANCISCO — Amazon.com Inc. said Thursday that it will purchase BuyVIP.com, a members-only online shopping site that operates in a handful of European countries, including Spain, Italy and Germany.
Financial terms were not disclosed. Amazon expects to complete the acquisition during the fourth quarter.
BuyVIP’s business model is similar to several U.S. websites where shoppers must become members before they can indulge in a frequently changing selection of designer goods.
BuyVIP, which is based in Spain, has over 6 million members.
The purchase is the latest indicator that Amazon is trying to reach online customers in more creative ways; in June, the Seattle-based online retailer bought quirky deal-a-day website Woot.com.
Amazon shares rose 40 cents to $155.80 in afternoon trading.
