TOKYO — Japanese cell phone service provider Softbank said Monday it has invested $62.5 million in Internet retailer Gilt Groupe Inc. and has agreed to buy a 50 percent stake in Gilt’s Japanese subsidiary.
Softbank said it will help accelerate Gilt’s growth in Japan. The members-only retailer, which sells luxury and fashion items at a discount, launched its Japanese site in 2009. Softbank said Gilt now has more than 3.5 million members worldwide.
“Gilt Groupe K.K. [the retailer’s Japanese subsidiary] has established itself as the industry leader in the Japanese market with its high-quality service and products. The company will continue to expand its business through its joint venture with Softbank, which has wide range of experience in the Internet field,” the telecommunications company said.