BLUEFLY.COM COVERS THE BASES AND HEADS FOR HOME; ONLINE RETAILER
6/9/99 8:17
Opens House and Home Division
Business/Retail Editors
NEW YORK--(BUSINESS WIRE)--June 9, 1999--Bluefly, Inc. (NASDAQ
SmallCap: BFLY), a leading Internet retailer of designer fashions at
outlet store prices (www.bluefly.com), launched a new division today
in an effort to address the over $71 billion home accessories market.
The new house and home division will join the company's apparel and
accessories division, which currently sells men's, women's and kid's
brand name apparel and accessories. Both divisions will be accessible
on Bluefly's home page and throughout its Web site.
"We've tested various house and home accessories since our
September 1998 launch and found that there's a strong demand for name
brand and designer home products at discounts of 25-75% off of retail
price," said Ken Seiff, Chief Executive Officer. "Since traditional
retailers have failed to provide an exciting venue for off-price house
and home items, we are well positioned to be consumers' first stop for
brand name home accessories at discounts," Seiff added.
The house and home department currently has approximately 600
styles of product from over fifteen designers. Key products in the new
department will include everything from towels, sheets, blankets and
pillows to decorative accessories such as picture frames, crystal
vases and terracotta chips and salsa sets.
"The wide variety and assortment of product we've selected for
the launch of this department is a reflection of the high caliber of
products we intend to add as we aggressively build this division,"
said Nick Kaplan, General Merchandise Manager. "During our early
tests, we have seen an enthusiastic response from our customers and
think it is a natural extension for the fashion brand we are
building," added Kaplan.
Bluefly, Inc. is a NASDAQ SmallCap public company. Headquartered
in New York City, in the heart of the fashion district, Bluefly.com
aims to be the most enjoyable way to shop for designer and name brand
apparel and home accessories at savings of 25 to 75 percent off of
retail prices. Its innovative MyCatalog feature is designed to
eliminate the "hit-or-miss" aspect of off-price shopping by allowing
shoppers to see only those products, which are available for sale and
match their interests. In its quest to build the most visited outlet
store for apparel and home accessories on the Internet, the online
merchant has established strategic alliances with seven of the twelve
most visited Web Sites and portals including AOL, Excite, Go Network,
Lycos, MSN, Netcenter, Tripod, Women.com and Yahoo!. In addition, the
Company has established a co-branded site with the leading broadband
portal, @Home Network. And, by offering a meaningful alternative for
consumers looking for service and convenience in an outlet store
environment, it has taken direct aim at the over $27 billion market
for end of season and excess apparel and home accessories.
This press release may include statements that constitute
"forward-looking" statements, usually containing the words "believe",
"project", "expect", or similar expressions, including statements
relating to the Company's ability to launch its redesigned Web site
within the time frame discussed above. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements inherently
involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. The risks and
uncertainties are detailed from time to time in reports filed by the
company with the Securities and Exchange Commission, including Forms
8-A, 8-K, 10-QSB, and 10-KSB. These risks and uncertainties include,
but are not limited to the following: the competitive nature of the
business and the potential for competitors with greater resources to
enter such business; consumer acceptance of the Internet as a medium
for purchasing apparel; recent losses and anticipated future losses;
risk of litigation for sale of unauthentic or damaged goods and
litigation risks related to sales in foreign countries; the startup
nature of the Internet business; the capital intensive nature of such
business (taking into account the need for advertising to promote such
business); the Company's limited working capital and need for
additional financing; risk of litigation for sale of unauthentic or
damaged goods; the successful hiring and retaining of personnel; the
dependence on third parties and certain relationships for certain
services; the dependence on continued growth of online commerce; rapid
technological change; year 2000 issues; online commerce security
risks; governmental regulation and legal uncertainties; management of
potential growth; and unexpected changes in fashion trends. Risks and
uncertainties relating to the Company's ability to launch its
redesigned Web site within the period discussed above include
technological problems that may arise while converting to the
Company's new Web site.
--30--flb/ny*
CONTACT: Bluefly Inc., New York
Press:
Margaret McCann, 212/944-8000 x229
or
Investor Relations:
Jon Freedman, 212/944-8000 x247 |
