Letsbuyit.com
LetsBuyIt.com was a portal founded in 1999 that wanted to bring buyers together on the Internet for a joint purchase offer to a supplier. At the time, LetsBuyIt.com was one of the best-known representatives of so-called power shopping or co-shopping. In the course of the dot-com bubble , the company , which was temporarily listed on the Neuer Markt , fell into crisis, and in 2003 the brand was sold.
history
In April 1999 LetsBuyIt.com was founded by the Swede Johan Staël von Holstein. A German offshoot started in November 1999. By bundling demand, more attractive prices should be achieved for customers, for example through volume discounts . This made the company one of the pacesetters of the sales boom on the Internet with new business ideas.
The discussion about allegedly hidden violations of the discount law in the business model met with particular response. Because of these fundamental problems and questionable management, the share price fluctuated sharply. LetsBuyIt.com, which was listed on the Neuer Markt, hit the headlines in 2001 not only because of its precarious economic situation, but also because of the planned investment by Kim Schmitz . Schmitz promised to help the company out of its financial straits, but then turned out to be an investment fraud and was arrested in 2002 and later convicted of insider trading.
These problems also caused Letsbuyit to fall victim to the drop in prices of numerous companies in the New Economy in 2001, which was connected with the dot-com bubble . The German subsidiary filed for bankruptcy on July 25, 2002, followed by the Dutch parent company on November 6, 2002.
In 2003 LetsBuyIt.com NV ( WKN : 938 006) was renamed IFEX Innovation Finance & Equity Exchange NV . LetsBuyIt.com has been using the mascot Billy, the ant, for advertising purposes since 1998 .
In 2007, the LetsBuyIt concept was revived by the German start-up Dealjaeger.de . At the beginning of 2008, another company acquired the naming rights to LetsBuyIt.com for a price comparison portal.
Footnotes
- ^ A b Tobias Kollmann: Online Marketing. Basics of sales policy in the net economy. Kohlhammer, Stuttgart 2007, ISBN 9783170196889 , pp. 138f.
- ↑ Hubertus von Barby: Buy together - save together? In: The world . November 18, 1999
- ↑ Birger Nicolai & Peter Michael Wolf: Campus talk at the university: The Internet boom is only just beginning . In: The world . June 28, 2000
- ↑ LetsBuyIt.com: Another verdict against power shopping . In: Spiegel Online . October 15, 2000
- ↑ Discount law falls: Letsbuyit.com share increases 140 percent . In: The world . December 14, 2000
- ↑ E-Commerce: LetsBuyIt.com de facto insolvent . In: Spiegel Online . December 29, 2000
- ↑ Stock exchange in the afternoon: LetsBuyIt.com doubles after takeover rumors . In: Spiegel Online . January 12, 2001
- ↑ LetsBuyIt.com: Ex-hacker saves the discount hunter . In: Spiegel Online . January 25, 2001
- ↑ Alexander Gutzmer: Serious allegations against Letsbuyit rescuers . In: The world . February 4, 2001
- ↑ Letsbuyit.com optimistic again after cash injection: Letsbuyit.com share doubles its price . In: Handelsblatt . February 6, 2001
- ^ Clemens von Frentz: Letsbuyit.com: New scandal on the new market . In: manager magazin . June 25, 2001
- ↑ Kim Schmitz: Rolling home . In: manager magazin . January 21, 2002
- ^ Shares: Dubious trick . In: Der Spiegel . No. 23 , 2002, p. 95 ( online ).
- ↑ ots.atIFEX Innovation Finance & Equity Exchange NV: Name change from LetsBuyIt.com NV to IFEX Innovation Finance & Equity Exchange NV announced . In: ots.at. July 23, 2003
- ↑ Discount system: Dealjaeger.de reanimates LetsBuyIt.com . In: Spiegel Online . January 29, 2007
- ↑ LetsBuyIt.de: About us ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. (Accessed March 11, 2012)
