In a deal which cost GSI Commerce a whopping $350 Million, the online e-commerce firm has acquired the ownership of RueLaLa. com, a website offering sales of some of the most sought after items at discounted rates. The deal also includes SmartBargains. com.

Since its quiet launch in 2008, Rue La La has managed to grow manifolds both in terms of memberships and profits. In almost a year, the online store has built a member base of 1.2 million dedicated customers who hunt the site in search of some of the most sought after luxury products out of the 300 brand offered there. It has been estimated that Rue La La's third quarter report will reveal revenue of at least $28 Million.

Michael G. Rubin, GSI Commerce's Chief Executive, while talking about the purchase, said that his firm was "excited to enter the private sale market'' with an industry leader like Rue La La".