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Amazon Reportedly Set To Acquire BuyVIP

Amazon has secretly acquired a Spanish web-based retail company BuyVip, reports suggest.

The Seattle, Washington-based online store has reportedly acquired BuyVIP, a member exclusive web-based retail platform, for a total of $96.5 million, tech news website Electricreports.

According to a report by the Wall Street Journal, a source close to the deal has revealed that internet-based shopping portal Amazon has taken over the Spanish retail web platform BuyVIP in another high end acquisition.

BuyVIP, which was launched in 2006, is a members-only platform that sells luxury products, such as designer accessories and outfits, at super low discount prices of up to 70 per cent off .

The company is based in Germany and Spain, owned by a consortium of private-equity groups, of which the largest shareholder is Cipio Partners, and is run by co-founders Gustavo García Brusilovsky and Gerald Heydenreich.

Amazon has recently acquired web-based innovators like Zappos, Bought Woot, Amie Street among others.