Online discount retailer Rue Gilt Groupe has raised USD 280 million investment from Simon Property Group to launch a new website for outlet shopping.
According to Forbes, Simon Property Group invested USD 280 million for a 50% stake in Rue Gilt Groupe, which is backed by Michael Rubin and owns flash-sale sites Rue La La and Gilt. The companies have collaborated on a new site, ShopPremiumOutlets.com, where shoppers can find discounted products from 2,000 brands. Currently, the website has 300,000 products available.
The two companies plan to leverage their customer databases of over 35 million people to market the new offering.