Remember all those sick deals you could always score at Gilt? Like, discounted Hickey, Black Fleece and Y-3? Man, those were the fucking days. Gilt was the leading contributor to many a stupid impulse purchases that I got simply because they were "such a good deal, man." That was a few years ago, right after college. Does anyone still use Gilt? In fact, what the fuck even happened? Well, Business Insider took a look at the brand's history and talked to its CEO, Michelle Peluso, to see where it's going. Because, yes, while floundering, Gilt is still around.
The early days of Gilt Groupe were the things start-up dreams are made of. Inspired by French site Vente Prive, it launched a deep discount fashion site with some of the best flash sales in the game. It was a smashing success. Between 2008 and 2010, the company's revenue jumped from $25 million to $425 million and it was hiring a new employee literally every single day. To build on that early momentum, it expanded outside of discounts and added other verticals selling with food, local deals, travel and full-price menswear via Park & Bond, ironically the former employer of this site's EIC.
Gilt was the next big thing. It was going to be huge. But then growth slowed and cutbacks had to be made. Everything not pertaining to fashion and lifestyle was cut loose. The brand's always imminent IPO now probably won't happen for a while. Today, Gilt's streamlining its business to stay afloat, expanding its international business and slowly building its way back towards profitability and former heights. Who knows how it will all work out considering the flash sale door is all but completely slammed shut.
