Amex and Vente-privee to launch online store in US

American Express and French internet sales specialist vente-privee.com announced Thursday a new joint venture to introduce an online platform to sell designer brands in the United States.

Each partner will invest around $20 million (14 million euros) in the new enterprise, which has yet to be named, vente-privee chief executive Jacques-Antoine Granjon told a press conference in New York.

The new online shopping destination will be launched before the end of the year in the United States, added Granjon who was voted "Businessman of the Year 2010" by GQ Magazine in France.

Dan Schulman, Amex's global strategy chief said that the joint venture "brings together two brands that are committed to creating e-commerce opportunities in ways that benefit both consumers and businesses."

The two companies "have a heritage in the luxury market and place a high premium on delivering quality customer service," he added in comments run on the American Express website.

The two firms aim to offer "luxury fashion and lifestyle products to the US market" at "preferential pricing for its members for limited amounts of time."