Park & Bond Will Close its Internet Doors After the Holiday Season
Sep 21, 2012 - by Emily Draznik
Online men's retail is about to get a little lonelier after this holiday season. Gilt Groupe's upscale men's site Park & Bond will no longer be in existence starting in early 2013.
In an effort to streamline their customer experience and business, flash-sale retailer Gilt Groupe will shut down their full price men's site Park & Bond by early 2013.
The online retailer Gilt Groupe has many different branches under its umbrella for discounted high-end merchandise. They have men's, woman's, kids, and home pages where you can buy designer merchandise for a fraction of the retail price.
With the volumes of Gilt Man approaching $100 million over the past year, Park & Bond was not turning a profit on the $10-million plus business that it was created for. Elements of Park & Bond will be integrated more into Gilt Man, so customers will see more full-price products available for purchase online.
Another reason the site is going to be shut down is because customers were confused having a full-priced men's site under the same umbrella as Gilt Man. The site is also tightening their business up as they prepare for their initial public offering.
With the change only losing 2-4 positions company-wide, those who continue to work for Gilt will see the company continue to expand. In this case, closure of Park & Bond does not mean bad things for the e-retailer. In fact, the company is projected to keep returning a profit throughout 2013.
With the internet proving to be a successful and newly charted territory for the retail world, more and more of these companies are starting up with the hopes to be as successful as their counterparts like Gilt Groupe of ShopBop. Now only time can tell as to where this will take us and despite one website will be shut down, another door opens for E-Commerce overall.