By  on May 10, 2011

Gilt Groupe Inc. raised $138 million in new funding, valuing the online retailer at $1 billion as it scouts for acquisitions and readies a full-price men’s apparel site.

“There’ll be a lot more consolidation in this space in the next 12 months,” Kevin Ryan, founder and chief executive officer of Gilt, told WWD. “The large companies like ourselves have a lot of revenues and a lot of traffic, and it’s going to be hard for the smaller companies to compete.”

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