French ecommerce firm Vente-privee.com has acquired Spanish online retailer Privalia, as part of its strategy to expand in Europe.
The acquisition price has not been divulged officially, but according to rumours, it is priced at €500m, reported Techcrunch.com.
Vente-Privée CEO and founder Jacques-Antoine Granjon was quoted by Ecommercenews.eu as saying: "This new step in our development is part of our long-term vision for the company.
"These connections are a real human adventure, combining our savoir-faire and expertise to Privalia’s success in two of our key markets, and eboutic.ch in Switzerland. This new expansion reflects our continued active approach to the European deployment, which began in 2015 with a majority stake in Vente-exclusive.
"We are very respectful of the work done by the founders and leaders of these sites."
Last year, the French retailer bought Belgian rival Vente-exclusive as part of its aim to bolster its operations in northern part of Europe.
Now with the latest acquisition, it intends to expand its position in the southern part of Europe.
Established in 2006, Privalia has branched out into Brazil, Mexico and Italy.
Vente-Privée.com also bought a stake in Swiss shopping club Eboutic.ch, reported Ecommercenews.eu.
With around 30 million members across Europe, its sales are done in partnerships with more than 3,700 global brands in categories such as fashion and home furnishings.
It has 2,800 employees spread across eight countries of Europe with an annual turnover of €2bn last year.