Well, that was fast. One year after Gilt Groupe unveiled Park & Bond
—its foray into full-priced men's e-tailing—the company has announced that the e-commerce store will close.
According to a report
, Gilt Groupe is preparing for an IPO next year by slashing divisions that aren't doing too well—i.e. Park & Bond and Gilt Taste, the company's food division.
What was wrong with Park & Bond? We kind of liked it! But, apparently, its existence proved too confusing for Gilt customers.
"Customers felt that by having two separate sites to purchase from, it was confusing," Gilt President Andy Page told AllThingsD
. "We are trying to streamline our offerings overall.
"Gilt Groupe has had periods of profitability," Page said. "We are looking for sustainable profitability, and we will have achieved that with this announcement. We believe we will be profitable going forward."
What do you think about this announcement to close Park & Bond? We loved it because it was a place online where we could easily find a well-curated, well-edited selection of high-end men's products—aka a really good site for guy-gift-buying. Tell us your thoughts in the comments section, below.