CYSP
(COMTEX) B: CyberShop Launches Cybershop Auctions; Auctions to Comple
B: CyberShop Launches Cybershop Auctions; Auctions to Complement Company's
Entry Into Multi-Billion Dollar Off-Price Market
JERSEY CITY, N.J. (March 26) BUSINESS WIRE -March 26, 1999--CyberShop(R)
International, Inc. (Nasdaq:CYSP), a leading online retailer, today
announced the launch of its new online auction, CyberShop Auctions
(auctions.cybershop.com). With this initiative, CyberShop introduces
the excitement of the online auction experience to all its customers,
complementing the product offerings of the Company's online store
(www.cybershop.com) where designer and brand name products, in a
variety of categories, are sold at deep discounts of 20-80% off
original prices every day.
One of the first sites to auction apparel on the Internet, CyberShop's
entry into the auction market supports the Company's recent refocused
merchandising strategy targeting the flourishing outlet store and
off-price categories. CyberShop has recently added the men's, women's
and children's apparel categories to its assortment and continues to
offer a range of other merchandise including housewares, electronics,
toys, luggage, home office, jewelry and watches. The Company sells
brand name, first-quality, end-of-season and excess merchandise from
brands such as: August Silk, BCBG, Bisou Bisou, Braun, Calvin Klein,
Carole Little, Cartier, Cusinart, Dansk, DeLonghi, DKNY, Dolce and
Gabbana, Elizabeth, Fendi, Fila, Fubu, Jones NY, Krups, Laundry, Liz
Claiborne, Movado, Polo Ralph Lauren, Pooh, Sharp, Tag Heuer, Versace,
and XOXO.
"Auctions are a natural extension of our core strategy to grow our
revenues and customer base by offering 'great deals on great brands'.
We believe this format will enable us to attract new customers, create
awareness about our product assortment and enable us to differentiate
ourselves from other off-price retailers," said Jeffrey Tauber,
CyberShop Chairman and CEO. "With the growing interest in online
auctions, we are excited to offer a new shopping experience that
capitalizes on this demand, offering customers the unique opportunity
to bid for brand name merchandise."
Jupiter Communications projects the online auction market to grow to
6.5 million purchasers buying $3.2 billion of merchandise by 2002. In
1998, online shoppers purchased more than $461 million in merchandise
from auction sites.
CyberShop's auction starts today with exciting Grand Opening day
product specials. Product offerings are planned to grow rapidly over
the next several weeks. Grand Opening specials will include DKNY Zip
Fleece Sweatshirt at an opening bid of $1.00, Diamond Rio MP3 Portable
Music Player at an opening bid of $9.00, Sony Playstation Game System
at an opening bid of $9.00, Movado Men's Museum Classic Strap Watch at
an opening bid of $9.00, Classic Furby at an opening bid of $1.00,
Geoffrey Beene backpack at an opening bid of $1.00 and several others.
The Company plans to drive consumers to auctions from CyberShop's home
page leveraging its existing strategic marketing agreements with key
portals such as America Online (NYSE:AOL), Excite (Nasdaq:XCIT),
Microsoft's (Nasdaq:MSFT) MSN Shopping, Yahoo!(R) Shopping
(Nasdaq:YHOO), Amazon's (Nasdaq:AMZN) "Shop The Web" and E*Trade's
(Nasdaq:EGRP) Shopping Center. About CyberShop
CyberShop, a leading online retailer, operates three online stores.
CyberShop can be found on the World Wide Web at www.cybershop.com, on
America Online in their Shopping channel or by using keyword
'cybershop', and in Yahoo! Shopping. electronics.net, CyberShop's joint
venture with Tops Appliance City (Nasdaq:TOPS), can be found on the
World Wide Web at www.electronics.net. The Company has existing
strategic marketing agreements with key portals such as America Online,
Excite, Microsoft's MSN Shopping, Yahoo!(R) Shopping, Amazon's "Shop
The Web" and E*Trade's Shopping Center.
Certain statements contained in this press release are, or may be
considered to be, forward-looking statements that involve risks and
uncertainties. Investors are cautioned that forward-looking statements
are inherently uncertain. Actual performance and results of operations
may differ materially from those projected or suggested in the
forward-looking statements. The forward-looking statements contained
herein represent the Company's judgment as of the date hereof. The
Company expressly disclaims any intent or obligation to update these
forward-looking statements.
-0- lp/ny* sm
CONTACT: CyberShop International, Inc., Jersey City
Jill Markus, 201/234-5023
jillm@cybershop.com
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: INTERACTIVE/MULTIMEDIA/INTERNET
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