Word: maybank
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...November 13, 2007, Wilson and Maybank founded Gilt Groupe, a Web site that offers invitation-only access to men’s, women’s, and children’s luxury brands. The catch? These items are only available during a 36-hour time period, where members must click and purchase before the goods run out. Daily sales, featuring items from designers like Burberry, Alexander McQueen, and Oscar de la Renta, start at noon...
Gilt Groupe’s appeal, in the Harvard community and beyond, seems inextricably linked to the Web site’s 36-hour shopping window. It was this, the idea of a time crunch, that allowed Wilson and Maybank to assess a growing industry, and carve out a niche in a popular market. That model has been expanded to other Gilt Groupe projects, like Gilt Fuse, the Web site’s younger, hipper sister. But enough economics, it’s time for a history lesson...
...Maybank, an Enviromental Science and Public Policy concentrator, and Wilson, a Romance Languages and Literatures concentrator, met in a Portuguese class (“Of all things,” Maybank says). Though Maybank was a senior and Wilson was a sophomore, both lived in Lowell. “I loved my time at Harvard,” Maybank says. “I had a great social experience here, a great social life, and then did a little bit of homework too along the way.” That bit of homework led Maybank to a finance...
After graduation, two took off in separate directions—to separate coasts, in fact. They met in New York, sometimes, to shop special sample sales. The sample sale, according to Maybank, is an invite-only sale hosted by luxury brands during the day. Maybank explains that the sales take place at slightly out-of-the-way locations...
...it’s great inventory and almost always 75% off,” she says. “So a lot of men and women will sneak out of their office during the day just to attend one.” Maybank smiled. “It creates this kind of hysteria.” The sample sale—and its hysteria—inspired Maybank and Wilson to start Gilt Groupe...