October 03, 2019
Simon Property Group, the owner of the King of Prussia Mall, has teamed up with Philadelphia 76ers partner Michael Rubin to launch an online shopping website.
With a $280 million contribution from Simon, Rubin's Rue Gilt Group has helped create Simon Premium Outlets, an e-commerce platform intended to offer digital value shopping.
The new website, which has been beta-tested since March, already encompasses more than 2,000 designers and 300,000 products retailing at outlet prices.
"Following our successful test of ShopPremiumOutlets.com with VIP shoppers, we're excited to expand our omni-channel capabilities in collaboration with a leading digital entrepreneur and the RGG platform," said David Simon, chairman and CEO of Simon.
Designers featured on the the site include Vince, Cole Haan, Karl Lagerfeld Paris, Gucci, Alice + Olivia, Armani Collezioni and St. John.
"The online value shopping market is a massive opportunity ready for the next disruptor," said Rubin, whose Rue La La and Gilt brands are also featured on the website. "Partnering with industry leader Simon allows us to capitalize on this significant opportunity and accelerate RGG's growth to quickly surpass $1 billion in sales."
Simon, based in Indianapolis, owns or has an interest in more than 325 mall properties
"Our strong capabilities in the physical outlet space, combined with RGG's exceptional e-commerce success, will give shoppers enhanced access to the world's best brands and the most compelling deals both online and in-store," Simon added. "We believe online value shopping presents a tremendous business opportunity for Simon, given our credibility, trust and relationships with brands, retailers and shoppers."