V&M And Deconet Merge To Become One Of The Largest Online Sources For Vintage, Antique, One-of-a-Kind And Designer Goods; Significant Seed Financing; New Board Appointees
NEW YORK, Dec. 14, 2012 /PRNewswire/ -- V&M ( www.VandM.com), the world's most distinct, curated marketplace of unique design goods, announced today that they have received multi-million dollar venture "seed" round funding, and completed a merger with one of Europe's leading online marketplace for 20th Century vintage modern design, Deconet ( www.Deconet.com), forming a newly established global holding company, Global Design Partners LLC.
Combined, the expanded V&M will become one of the largest sources of one-of-a-kind design in the world with over 30,000 distinctive objects for sale from over 450 dealers in 25 countries. Total merchandise is valued at over $100 million and range from $75 for small collectibles to $2.25M for a hand-carved reproduction of a 26-foot Eli Wilner gilt frame at the Metropolitan Museum of Art, with most goods between $250 and $5,000.
The newly-global V&M also expanded the firm's board to include seasoned internet and media veterans: Jonas Svensson, chairman and co-founder of Deconet, and co-founder of global interactive firm Razorfish; and Kevin Umeh, former CEO of Cint USA, maker of SaaS-based market research software, and Co-Founder of Macmillan Digital, Simon & Schuster's first online business. Jonas and Kevin will be joining R. Adam Smith, an experienced investor and board member in high-growth private brand, media, and luxury companies, and CEO of V&M; Richard Cooperstein, founder of L.A.-based private investment firm Media Investment Group, and a former senior executive at Facebook, Disney, and Viacom; and Louis Santor, a media and entertainment industry consultant and former senior executive managing L.A.-based New Regency Productions, a global independently-financed Hollywood movie production company.
Unlike V&M's competitors in the burgeoning high-end antique and vintage segment, the majority of V&M's products today are already e-commerce enabled, primed to take advantage of the 62% forecasted rise in e-retail sales in the coming years (Forrester Research US Online Retail Forecast, 2011 to 2016).
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