LoveLabels is a luxury online auction website offering consumers discounts on specific elite lifestyle products and events. In May 2011 the site will be launched and will offer the opportunity to purchase authentic designer products for up to 95% off the original price from such names as Louis Vuitton, Chanel, Dior, Burberry, Tiffany’s, Gucci, Apple, Rolex and more.
LoveLabels is a combination of thrill of an auction, the convenience of the Internet and an amazing selection of luxury men’s and women’s merchandise and high-end electronics and it works like this. First, a potential bidder registers at the site for free and that includes five complimentary bids. Members buy bids in advance; each bid is $0.98, and bids are sold in packs via credit card or Paypal. LoveLabels.com bids never expire. Once a bidder finds an item to bid on, live bids are placed and with each bid placed, the price of the item increases by 1 cent. Each auction continues as long as people are actively bidding on a product. Every new bid resets the remaining time for an auction up to 20 seconds so others have an opportunity to bid. Like a live auction, the person who makes the final bid wins the item and pays the bid price which is usually a fraction of the item’s original cost. If the shopper does not win the auction, they can still purchase that product from the LoveLabel.com e-commerce store, and simply apply their bids as a discount.
The company which is owned and operated in the US guarantees that all items on the site are purchased directly from the actual designer’s stores or high-end department stores such as Neiman Marcus, Saks, etc. CEO of LoveLabels.com, Victoria Vo stressed their site has no “Shill/Bot Bidding” meaning they do not use computer generated sources to raise bids and that company employees are prohibited to bid on the site to generate sales. From June, the site will tackle charity auctions as well. LoveLabels has their own charitable initiative, “Pennies for a Cause”, where 100 pennies per auction are donated to The Shriners Hospital for Children.
