The American Express and Vente-Privée joint venture has a chief executive officer: Mike Steib.
Steib was director of video advertising for Google’s Americas Operations, and before that led Google’s Americas business teams for its emerging ad products. His focus for the e-commerce joint venture will be on leveraging the assets and long-standing relationships of American Express and the French flash sale pioneer Vente-Privée.com to build the new site into the leader of the U.S. online private sales market.
Steib said, “This is a transformative time in the development of commerce and the internet, and I am confident that our venture will provide consumers and brands a unique offering in the U.S. market.”
Dan Schulman, president of Enterprise Growth Group at American Express, said of Steib, “He brings a wealth of technology experience to the role, and has a track record of leveraging data and analytics to build new businesses — exactly the task ahead for our joint venture.”
Jacques-Antoine Granjon, ceo and founder of Vente-Privée.com, said, “Our business is built upon creating a rich online shopping experience and developing deep relationships with our brand partners. Mike has exactly the right mix of technology background and relationship building that we need to launch and grow Vente-Privée.com in the U.S.”
The two firms announced on May 12 that they were forming a 50-50 venture to create a U.S. flash sale site to be launched later this year or in early 2012. The partners will invest around $35 million in cash and an estimated $5 million in human capital and technology transfers in the venture, which is expected to generate turnover of $500 million within three or four years.
Using a business-to-business-to-consumer format, the plan is to combine Vente-Privée’s brand relationships and database with American Express’ data mining from its affluent and luxury cardholder base. Initially it will experiment with different incentives to see which ones catch on with consumers visiting the site.