Seattle's Amazon.com is poised to announce this week that it will buy a Spanish Internet retailer, BuyVIP, the Wall Street Journal reported Tuesday.
The deal will give online retail giant Amazon a foot in the door of high-end fashion sales on the Internet. BuyVIP brokers high-end fashion merchandise, particularly surplus merchandise for name retailers, selling the overproduction online.
The company is owned by a group of private-equity groups including a branch of Bertelsmann AG of Germany. BuyVip’s largest shareholder is Cipio Partners. Cipio is a German venture capital firm with investments in high-tech, Internet and communications companies.