From over in Germany, news of a cash injection in the fashion world that could have repercussions in e-commerce: the private equity firm AXA has taken a majority stake in?Schustermann & Borenstein, a family-owned firm that focuses on exporting clothing, but also operates Best Secret, one of the more exclusive, and by the sounds of it lucrative, private buying clubs on the continent. The investment, thought to be worth some ?200 million ($248 million), could see Best Secret expand its model beyond its current German home market to elsewhere in Europe, where private buying clubs have been a hit with consumers. The AXA investment was first reported by Reuters, which noted first murmurs of the deal back in July. The investment values the fashion house at about ?300 million ($371 million), and the two families who started the business will continue to hold on to the remainder of the business.Source: http://feedproxy.google.com/~r/Techcrunch/~3/tZP1Lxxnlbs/
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