Gilt Groupe announces internal changes
Playthings Staff -- Gifts & Dec, September 28, 2010
New York -- Gilt Groupe today announced that Susan Lyne will become chairman of the company and Kevin Ryan will assume the role of CEO. Previously Ryan served as chairman and Lyne as CEO.
"Over the last two years Susan has done an unbelievable job driving Gilt to category leadeInternal changes at Gilt Groupe, members only buying clubrship. The company today operates six distinct business lines, employs 500 people and works with over 1,000 brands," Ryan said. "This change will enable Susan to focus on new markets and businesses, key partnerships, and strategic opportunities, while I focus on the day-to-day operational side of the business. We have a great working partnership, and we are confident that this division of roles will allow us to scale the business more rapidly and increase our lead in the marketplace."
In 2007 Ryan, along with a founding team, created and launched Gilt Groupe as an invitation-only site for women's apparel and accessories. Lyne joined the company as CEO in September 2008, when Gilt had full-year gross revenues of $25 million. Since then the company has added business lines in men's apparel and lifestyle; home furnishings and decor; children's apparel and gear; vacation travel; local services and experiences; and launched the leading flash sale site in Japan. Gross revenues this year are expected to be $400-500 million.
"The growth Gilt has experienced is a testament to its innovative model and the team's strong execution," Lyne said. "Kevin and I share a vision for the company's future, having worked full-time side by side throughout the last two years and will continue to do so going forward. I have total confidence in his skills as an operator. He led DoubleClick for nine years as president and then CEO, fostering its growth from a 20-person startup to a publicly traded leader with over 1,500 employees."
Last week, the company announced it has opened a 303,000-sq.-ft. distribution center in Shepherdsville, Ky. to house its men's and home merchandise. The opening of this facility, the largest to date for Gilt Groupe, will create more than 100 new jobs in the Louisville area over the next nine months.
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