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Too much, too fast, that’s the Gilt story, though it has been smart about cutting fast too. Jetsetter’s sale, while 6 months too late, it still the best option for future growth of the standalone travel booking site.
Jetsetter isn’t failing like some of Gilt’s other properties that have….[Gilt CEO Kevin] Ryan explains that.. there was always a possibility of selling the travel site or finding a partner. That’s why the travel sales site was created as a separate company.
And now Gilt is looking to sell Jetsetter…“There’s no clear path to doubling or tripling revenue, and the property is worth more to someone else than to me; these assets could be much more valuable to someone else,” he says.
The company should be receiving binding bids as well. Ryan believes that Gilt will have a decision by January on whom to sell Jetsetter to and how the arrangement will work.
He’s not yet sure if it makes sense for Jetsetter, even if it is sold, to leave the Gilt merchandising umbrella. He feels that the cross-promotion could still be good for business development of the site.