Lead investors include New England Development, Breakaway Ventures, Mugar Enterprises and General Catalyst Partners. The first initiative for the new organization included the acquisition of SmartBargains.com, the leading online, off-price retailer.
In addition, Retail Convergence is launching Ruelala.com, the invitation-only, private sale ecommerce site driven exclusively by user-generated membership. The private sale model provides consumers with exclusive access to scheduled sales of upscale brands. Each private sale is brand-specific, lasts 2 days and features current season merchandise. Membership is completely user-generated--the only way an individual can join RueLaLa.com is through an invitation from an existing member.