Report: Gilt Groupe Hires CFO, Considers IPO

NEW YORK (Reuters) – Online luxury retailer Gilt Groupe has hired Andrew Page to be its chief financial officer, and the company may go public in 2011, according to a Wall Street Journal report on Tuesday.Page, who earlier in his career was the chief financial officer of online ticket seller StubHub, a unit eBay Inc (EBAY.O), will bring Gilt “operating efficiency,” Chief Executive Susan Lyne told the Journal in an interview.

Lyne, the former chief executive of Martha Stewart Living Omnimedia Inc (MSO.N), said Gilt may consider an initial public offering next year, according to the Journal’s report.

Gilt sells discounted women’s luxury items to its members only and has begun to branch out into men’s luxury clothing and travel.

Gilt generated $170 million in revenue in 2009, and could reach $400 million and $500 million by the end of this year, the Journal reported, citing Gilt Groupe chairman and founder Kevin Ryan.

A spokeswoman for Gilt did not immediately return an request for comment.

(Reporting by Phil Wahba; Editing by Bernard Orr)

peHUB Note: Gilt Groupe has raised around $48 million in VC funding from General Atlantic and Matrix Partners.