French business man Bernard Arnault is planning to boost European ecommerce with a new company dedicated to investing in the region's Internet companies.
Called [email protected], the 500 million euro company will seek out exciting Internet companies in the region as well developing as European subsidiaries of successful US Internet companies.
Arnault's previous investments cover all areas of the Internet, including broadband provider @Home, online auctioneers eBay and Icollector, online brokerage Datek Online Holdings, flower and gift Web site 1-800 Flowers and online mortgage provider E-loan.
Group Arnault recently joined forces with UK retailer Kingfisher to launch the Libertysurf ISP in France.
Europe has constantly come under fire for lagging behind the US in ecommerce, but Arnault views Europe as a major untapped marketplace.
Hugh Morrison, spokesperson for Group Arnault, explained that in the US if a technology company receives investment from the likes of Bill Gates or Paul Allen they gain instant credibility. In Europe Bernard Arnault is regarded with equal high esteem, said Morrison.
Arnault is believed to be spurred on by a similar Internet strategy being carried out by his arch rival, French business tycoon Francois Pinault.
Source: VNU Newswire
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