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Breaking: Penny Auction Site OohILove Goes Bankrupt

March 31, 2011 by Eileen Conlan
shefinds | beauty

Looks like selling Christian Louboutins for $5 isn’t a scalable business model

Who saw this coming?

SHEfinds has just learned penny auction site OohILove‘s parent company, Entertainment Shopping AG,  has filed for bankruptcy. The site, which offered luxury goods like Christian Louboutins for $5, made its money from “bid packs,” (essentially chances to bid, priced at $30 or more) will soon be shuttered.

OohILove could not be reached for comment, but copycat site ScoreLuxe, has swooped in, buying up OohILove’s subscriber list, and is now contacting formerOohILove customers to sign up for a free membership at ScoreLuxe. Use code OOHILOVE at ScoreLuxe, and get 10% off your first bid pack purchase, starting at 30 bids for $27.90. In its email to former OohILove members, ScoreLuxe asserts their company employs “sophisticated risk management policies” and “only auctions bids [they] have in stock.” Bid at your own risk–or just buy your own pair of Louboutins for less at The Outnet.

Check out more fashion news, plus all of the juiciest fashion lawsuits happening now.

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