Ashford.com to Acquire Jasmin.com
Leading Fragrance Site to Help Ashford.com Secure Leadership of Category
Through Unique Content and Prestigious Portfolio of Nearly 300 Brands
HOUSTON, Jan. 7 /PRNewswire/ -- Ashford.com (Nasdaq: ASFD), the leading Internet retailer of luxury and premium products, today announced that it will acquire Jasmin.com, an e-commerce site specializing in prestige fragrances. The addition of Jasmin.com is intended to help Ashford.com's rapidly growing fragrance business become the leading provider of fine fragrances on the Internet. Jasmin.com's collection of nearly 300 of the world's most prestigious fragrance brands will expand and complement Ashford.com's growing portfolio of luxury brand offerings. The agreement also brings Ashford.com unique content features and a talented management team of fragrance experts who will join Ashford.com and assume responsibility for managing its fragrance business. Terms of the deal were not disclosed.
"Jasmin.com's extensive collection of prestige fragrances combined with its rich content and fragrance expertise will provide Ashford.com customers with an outstanding shopping experience in our growing fragrance category," said Kenny Kurtzman, CEO of Ashford.com. "Jasmin.com has strong relationships with fragrance brands and plays a leadership role within the fragrance and cosmetics community, making it a great partner as we continue to solidify brand relationships and expand our presence into the entire beauty category."
The agreement provides Ashford.com with access to Jasmin.com's vast product portfolio and unique fragrance content and services. Jasmin.com's specialized fragrance content includes an online magazine dedicated to fragrances, the world's first online fragrance museum and a proprietary fragrance search engine that allows consumers to search for fragrances according to a wide range of criteria. Jasmin.com is also the first web site to offer custom made fragrances from its own perfumer.
"Ashford.com's rapidly growing customer base and its strategic marketing agreements with Amazon.com, AOL and Yahoo will help us to reach significantly more consumers with information about fine fragrances and provide a great forum to purchase those fragrances," said Dale N. Dewey, president and CEO of Jasmin.com. "We believe that combining our fragrance expertise, extensive brand portfolio and unique fragrance content with Ashford.com's tremendous marketing clout will enable Ashford.com to become the Internet's leading web site for fragrances."
Ashford.com brings to Jasmin.com's customers access to its 11 different categories of luxury goods, including diamonds, designer jewelry, leather accessories, watches and more. Jasmin.com's product portfolio and content is expected to be fully integrated into the fragrance section of the Ashford.com site by the second quarter of 2000.
According to leading industry analysts, the worldwide fragrance market is valued at approximately $12 billion. (1) According to Jupiter Communications, the online market for cosmetics, fragrance and skin-care products in the U.S. was valued at $23 million in 1999, and is expected to rise to $533 million in 2003.
(1) GIA, Merrill Lynch 1999
Company Background
Ashford.com is the leading Internet retailer of luxury and premium products. The company's e-commerce site, located at ashford.com, offers a vast selection of diamonds and more than 13,000 styles of new and vintage watches, designer jewelry, fragrance, bath and body products, leather accessories, ties, scarves, sunglasses and writing instruments from more than 300 leading brands. Dedicated to creating a comfortable and safe shopping environment, Ashford.com offers customers the Ashford.com Protection Plus(TM) policy, which provides best-in-industry warranties, privacy and security. Ashford.com is headquartered in Houston, Texas.
Jasmin.com is a privately held e-commerce company founded in 1998 based in New Canaan, CT. Its web site, which is located at jasmin.com, offers hundreds of prestige fragrance products and features the world's first on-line fragrance museum. The site features the expert services of Christie Mayer-Lefkowith, one of the world's leading experts on vintage perfume bottles who serves as the Curator of the Jasmin Museum. In addition, it is the only site to have its own perfumer. Jean-Pierre Subrenat, Jasmin.com's Master Perfumer, has more than 30 years experience and is President of the American Society of Perfumers and Chairman of the World Perfumery Congress. Jasmin.com has also recently launched a new luxury custom fragrance creation service, designed for the most discerning and demanding clients.
Forward Looking Statements
This release contains forward looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, including statements regarding Ashford.com's expectations, beliefs, hopes, intentions or strategies regarding the future. Forward looking statements include statements regarding future sales, market growth and competition. All forward looking statements are based upon information available to Ashford.com as of the date of the statement, and Ashford.com assumes no obligation to update any such forward looking statement. The potential risks and uncertainties that could cause actual results to differ materially include, but are not limited to, the failure of systems associated with order fulfillment; changes in product mix; inventory risks due to shifts in market demand; continued competitive factors and pricing pressures; and market responses to pricing actions and promotional programs. Actual results could differ materially from Ashford.com's current expectations. Further information on the factors and risks that could affect Ashford.com's financial results are included in its filings with the Securities and Exchange Commission, including the quarterly report on Form 10Q for the quarter ended September 30, 1999 and the Form 10-Q for the quarter ended December 31, 1999 to be filed shortly.
Ashford, Ashford.com and Ashford.com Protection Plus are trademarks of Ashford.com. All other marks are the property of their respective owners.
SOURCE Ashford.com
CO: Ashford.com; Jasmin.com
ST: Texas, Connecticut
IN: CPR REA MLM
SU: TNM
01/07/2000 06:00 EST prnewswire.com |
