Thu, 24 Jun 2010 | BUSINESS SALE
An entrepreneur who set up an eBay business selling seconds for the popular clothing company Superdry has been bought out by the latter's parent company for £500,000.
Chris Griffin set up 888 Clothing in September 2009, in agreement with Superdry parent, SuperGroup, which supplied him with items with minor defects to sell on the internet market site.
He has now been paid £500,000 to terminate the agreement, as the company now wants to handle the seconds sales in-house. Griffin has been brought in-house too, however, having been appointed as the company's head of e-commerce.
Julian Dunkerton, chief executive of SuperGroup – which recently raised £125 million through its stock market flotation – said, "This appointment represents a huge step for us as we move towards creating a dynamic, fully integrated e-commerce capability."
By March this year, 888 Clothing was ranked first for sales among all UK eBay sellers in the clothes, shoes & accessories category. Dunkerton has hopes of expanding on the success of the model that Griffin has worked to establish, and make internet retail an increasingly important part of the company's sales. He said he wanted Griffin to boost Superdry's e-sales from the current 4 per cent to 20 per cent of total sales.
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