Pan European online auction house QXL has received a $30 million investment from French tycoon Bernard Arnault.
QXL said the funds raised will be used to accelerate its advertising campaign, expand its sales and marketing operation, develop its technology and to further expand the site with additional European languages.
Yesterday QXL revealed it had hired investment bank Credit Suisse First Boston to investigate financial opportunities. (see Newswire 5 July)
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