• Mashable, Friday, November 11, 2011 11:47 AM

As if consumers needed another deal site, French-based Vente-Privee just made its U.S. debut. The 10-year-old company is credited with developing the luxury flash sales model, which was later adapted by Gilt Groupe and services, according to Mashable. Vente-Privee’s U.S. division is a joint venture between American Express and the French company.

Citing a report in WWD, Mashable reports that both companies have each invested approximately $35 million in cash and another $5 million in “human capital and technology transfers.” The U.S. division expects to generate $500 million in annual sales within the next three to four years, having brought in $1.28 billion in revenue in Europe last year. Curiously, the domestic launch comes less than 24 hours after Gilt.com announced that it would begin shipping worldwide. “Like Gilt.com, Vente-Privee offers deep discounts on designer merchandise, namely apparel and accessories for women,” Mashable reports.

Unlike Gilt, however, Vente-Privee plans to run sales on only one to two brands per day, gradually scaling that number heading into the holidays. Gilt, by contrast, runs daily sales on as many as 10 or 12 different brands in its women’s category alone.

Read the whole story at Mashable »