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Amazon Acquires BuyVIP for 70 Million Euros

October 4, 2010

11:47 pm

According to the Wall Street Journal, Amazon has acquired BuyVIP for 70 million Euros. BuyVIP is a European online retailer that sells designer fashion and accessories at discounted prices. The acquisition is expected to help Amazon expand its reach in the European market.

Amazon has been aggressively expanding its e-commerce business in recent years. In 2010, the company launched Amazon Prime, a membership program that offers unlimited free two-day shipping on eligible items. Amazon also acquired Zappos.com, a leading online shoe retailer, in 2009.

The acquisition of BuyVIP is Amazon's latest move to gain market share in the European e-commerce market. Amazon currently has operations in the United Kingdom, Germany, France, Italy, and Spain. The acquisition of BuyVIP will give Amazon a foothold in the Spanish market.