LVMH's Bernard Arnault has invested in an online auction house
Back in 1999, the chairman of LVMH Moët Hennessy Louis Vuitton — Bernard Arnault — bought the Phillips Auctioneers business, the company did not perform as Arnault had hoped and is now owned by a Russian investor.
Arnault clearly wants another shot at the online auction business, as it is has been announced that the German-based auction site, Auctionata has been backed by Groupe Arnault, the controlling shareholder of French luxury group LVMH Moët Hennessy Louis Vuitton according to an Artlyst report.
The luxury conglomerate have invested an undisclosed sum into the ailing auction site, which saw a recent layoff of half of its staff in New York. The fashion group are said to be joined by other investors, and the funding total from these new investments is estimated at around $45 million.
Auctionata has now received $95.7 million in funding since it first launched three years ago in 2012. The troubled digital auction company also made 100 positions at its HQ in Berlin redundant last month. It is hoped that this new round of funding will clear the way for a new dawn for Auctionata.