Photo: LuxeYard, Facebook
LuxeYard, a new site that sells luxury home furnishings and decor, is launching with $3 million in funding from private investors.Unlike other flash sites, LuxeYard uses the power of the crowd to choose products that are sold and uses group-buying to get cheaper prices.
For instance, through its concierge buying service, members can post a photo of an item they’d like. If that item is voted up, then someone on the LuxeYard staff will try to find that item (or something similar) — so it can be sold on LuxeYard for a discount.
Another feature called Group Buy allows people to share the item they are interested in on social media like Facebook. If enough people are interested, the price can drop significantly.
LuxeYard saves on retail and warehouse costs, by sending the products straight from the manufacturers to the customers. The products on LuxeYard are sold at 70 per cent off retail prices, which is similar to One Kings Lane. Given the traction of sites like Gilt and Fab, LuxeYard is certainly in the right space.
LuxeYard’s CEO Braden Richter, who has over 20 years in the furniture industry, said in a statement, “we empower consumers with our Concierge Buying concept, shifting the sourcing of goods to the consumer.”