Online retailer and market leader in online stock sales, Paris-based enterprise Vente Privee, has founded a joint venture with American Express for its entry in the US market. The new company will be based in New York and managed predominantly by Americans. The new firm will go online at the end of this year, in the best case before Christmas.

In a live video conference on Thursday, the CEO of Vente Privee, Jacques-Antoine Granjon, and American Express Enterprise Growth Group President, Dan Schulman, confirmed that both have the intention to start slowly with some brands and expand step by step. In the beginning, Vente Privee will invest between $15 to 20 million plus human capital and technical transfer, said Granjon in the press conference.

The initiative for the 50:50 joint venture came from American Express, the international credit card provider, one and a half year ago. After a long market research, the New York-based enterprise chose Vente Privee in March 2010.  Dan Schulman: „We are ready to entry this market and we wanted to make it with the leader. We have big relationships with about 1,000 especially luxury brands in the USA and a strong service relationship with our 42 million members“.

Vente Privee has 13 million members in seven countries in Europe, generates a sales volume of nearly €1 billion and organizes stock sales for about 1,200 brands. The aim of the joint venture is to bring together 3,000 brands on a long-term view.