Where Are They Now? Five Businesses That Shifted Away from Penny Auctions

What do LabelDoll, JungleCents, LuckyChic, ToVieFor and SneakPeeq all have in common? All five were once penny auction sites launched by true entrepreneurs, and all five have transformed their business models away from penny auctions creating unique and successful businesses in the process. LabelDoll launched in 2011 as a penny auction site offering high [...]

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Designer Fashion Entertainment Auction Startup ToVieFor Shuts Down

Another one bites the dust. Dutch penny auction/entertainment shopping members-only fashion platform shuts down."The root cause of this was a flawed business model. We were attempting to compete solely on price in a world where brands not only do not compete on price, they have essentially formed an oligopoly and set prices (vs take prices)."

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