Online jeweler Blue Nile announced today that it has closed its fourth round of funding.
Published:
19 April 2000 y., Wednesday
Citing competitive pressures, the company declined to say how much it raised. Blue Nile plans to use the money to build its brand, improve its infrastructure and expand its product offerings, company chief executive Mark Vadon said.
Paul Allen's Vulcan Ventures led the investment round. Previous Blue Nile investors Bessemer Venture Partners, Trinity Ventures, Kleiner Perkins Caufield & Byers, Weiss Peck & Greer Venture Partners, and Integral Capital Partners also participated in the round.
Competition in the online luxury goods market has been growing in recent months. Amazon.com entered the niche in December with its $10 million investment in Ashford.com. Meanwhile prominent venture capital companies such as Sequoia Capital, CMGI @Ventures, and Idealab have backed a slew of luxury goods sites.
Unlike books, toys or groceries that are often sold at a discount to price-conscious consumers, retailers often sell luxury goods such as jewelry, diamonds and fine pens far above their cost. And the market for such goods is larger than that for books or music. Analysts estimate that the diamond jewelry market alone is $30 billion in the United States. But the market poses significant challenges online. Few consumers may be willing to spend hundreds or thousands of dollars to buy jewelry and other luxury goods without seeing the items first.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The World Bank is seeing a surge in demand from borrowers seeking the Bank’s expertise to mitigate currency and interest rate risk.
more »
The European Commission has approved under EU state aid rules a Lithuanian package intended to stabilise the markets as a response to the global financial crisis.
more »
Total cereal production in 2010 should be close to the average from the last five years. While the yield per hectare will be 5% above average, overall cultivated areas have decreased.
more »
According to the unaudited data, AB Bank SNORAS profit prior to provisions and tax exemption within the first half of this year comprised LTL 51 million, the bank formed almost LTL 48 million provisions.
more »
The European Commission today approved two applications from Denmark for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Investment Bank today signed two loans for a total amount of EUR 150 million in support of small and medium-sized enterprises (SMEs) in Turkey.
more »
On 23 July 2010 the Board of the Bank of Lithuania permitted Bank SNORAS to register a change to the articles of association related to the increase of the authorized capital of the bank by LTL 82.3 million up to LTL 494,217,107.
more »
Heads of State and top officials from the Central American Integration System and World Bank Group President, Robert B. Zoellick, agreed to join efforts towards regional cooperation and integration and adopted a comprehensive agenda that includes an action plan with more than 20 specific measures.
more »
The Executive Board of the International Monetary Fund (IMF) today approved the full cancellation of Haiti’s outstanding liabilities to the Fund, of about SDR 178 million (equivalent to US$268 million).
more »
The Executive Board of the International Monetary Fund (IMF) today completed the third review of Latvia's performance under an economic program supported by a Stand-By Arrangement (SBA).
more »