LONDON — Luxup, the invitation-only luxury Web site offering international, high-spending tourists exclusive shopping experiences and one-off products, has ceased trading while principals restructure the business.
Staff were informed Thursday night, and several members of the team have lost their jobs. The site, luxup.com, will remain live, but it will not be transactional.
“Luxup is restructuring the operations of the organization and reviewing strategic options,” the company said Friday. “The Web site luxup.com will not be transactional during this period of refinement.”
Sources close to the company said the business costs too much to run, and that its entrepreneur founders, James Corsellis and Mark Watts, were currently reviewing new business partnerships and propositions. One source described the news as a “pause” in business, although no time frame was given with regard to a relaunch.
Last month, Stevie Spring was appointed chief executive officer, working alongside Corsellis and Watts.
Launched with great fanfare last summer, the site recruited some big names from London’s fashion industry, including former Harvey Nichols’ buying director, Averyl Oates; British Vogue’s former fashion features director, Harriet Quick, and the British Fashion Council’s ambassador for emerging talent, Sarah Mower.
Luxup was active during the past fashion weeks, notably co-hosting a dinner with Vogue China during the spring shows in London to fete the emerging designer Huishan Zhang.