Vente-Privée.com plans to more than quadruple revenue in the nextdecade by extending the model of flash sales. The retailer is aiming for annual sales of 6 billion euros to 8 billion euros by about 2024. Profit was about 5 percent of sales in 2013. Flash sales refers to a practice where goods are offered at a discount for a limited period online. “We could grow quicker, but that would mean giving up some profitability to invest in notoriety,” said Jacques-Antoine Granjon, who is chairman and Chief Executive Officer of Vente-Privée. “I’d rather go slower and be profitable.”
Vente-Privée.com is France’s third most-popular online retailer behind Amazon.com Inc. and eBay Inc. It’spartly owned by Qatar Holding. While sales are rising fastest outside of France, Vente-Privée’s home market still generates about 80 percent of revenue. The company’s goal is for Europe, excluding France, to account for about half of sales at some time in the future. Sales in the US, which Vente-Privée entered in 2011 through a joint venture with American Express, doubled to 50 million dollars last year. Revenue rose 23 percent to 1.6 billion euros in 2013 as shoppers splurged on products from 20 euro Reebok sneakers to 2,300 euro three-week road trips in the US.