Originalmente publicado en VentureBeat:
One Kings Lane, a flash deal site that sells high-end furniture and home decor products, announced today that it has raised $40 million in its third round of funding led by Tiger Global Management.
Luxury brands dispose of excess inventory in flash sales to a defined membership, rather than trying to move it in conventional e-commerce channels like Amazon.com, eBay, or their own stores. One Kings Lane then sells those products at steep discounts — usually between 50 percent and 70 percent off the product’s retail price.
Though One Kings Lane grabbed an early lead in the home-furnishings category, it’s facing aggressive competition from Gilt Groupe, a New York-based startup which has branched out from apparel. One Kings Lane has expanded aggressively into lower-priced products with its “Downstairs” flash deal, which sells similar products at even steeper discounts, said One Kings Lane chief executive Doug Mack.