LOS ANGELES, July 23, 2012 /PRNewswire/ -- In a deal announced today by luxury living and style flash sales company, LuxeYard, Inc. (OTCQB: LUXR), LuxeYard India, lead by veteran retail entrepreneur and one of India's leading eCommerce pioneers, Sashi Chimala, and REGARD Venture Solutions have entered into an agreement for the first round of funding to fuel the company through launching operations in one of the world's fastest growing eCommerce markets.
The largely untapped eCommerce marketplace will dramatically increase LuxeYard's global footprint further propelling the fast-growing start-up toward increased revenue and expansion goals. The revenue strategy leverages inherent reciprocity in access to U.S. and Indian merchandise and distribution channels. Additionally, curated luxury living and style products from India will be made available in LuxeYard's global distribution network and India will have access to U.S. products.
"We have reached a critical milestone for LuxeYard's successful entry into India," said Chimala. "Not only will this expansion provide global access to a luxury lifestyle Indians want, it will also satisfy an international demand for curated Indian luxury products. Our agreement with REGARD will give us the momentum we need to fill this highly profitable vacuum in India's eCommerce marketplace."
"There is tremendous value in what LuxeYard is accomplishing on the international stage," said Manish Paranjape of REGARD Venture Solutions. "Non-travel eCommerce in India is a fast-growing market with incredible potential and we believe LuxeYard India is in a desirable position to leverage this potential."
LuxeYard's agreement with REGARD followed a recent licensing deal with Chimala who's extensive experience as a highly regarded entrepreneur in India and track record for creating consumer brands with innovative marketing programs in successful technology start-ups, positioned him as an effective candidate for bringing LuxeYard into India efficiently and prepare the stage for a successful expansion.
ABOUT LUXEYARD, INC.
LuxeYard is a members-only flash sale site for luxury home furnishings, decor and fashion that offers access to unique products sourced from an experienced team at prices up to 70 percent off retail. LuxeYard is the pioneer of Concierge Buying, which gives members the power to determine the items sold on the site, and Group Buy that allows them to lower the price by sharing sale items with friends. With a veteran retail, eCommerce and digital marketing management team, LuxeYard partners with trendsetters and industry insiders to deliver interactivity and content on its pages. To become a member, visit www.LuxeYard.com.
This press release contains forward-looking statements about our expansion plans into India, which involve risks and uncertainties, and actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, the factors included under the headings "Risk Factors" and "Cautionary Note Regarding Forward Looking Statements" on Form 8-K, filed with the Securities and Exchange Commission on November 15, 2011, a copy of which may be obtained by visiting the SEC's web site at www.sec.gov. LuxeYard's actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance.
Footprint Global Communications, New Delhi
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SOURCE LuxeYard, Inc.