American Express says Vente-Privee USA to close by year-end

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American Express and American Express corporate cards are pictured in Encinitas(Reuters) – American Express Co, the world’s largest credit card issuer, said it would close its joint venture with French online start-up Vente-Privee by the end of the year. Vente-Privee sells luxury fashion, wine and music at steep discounts in “flash sales” that last three to five days. Vente-Privee began operating in the United States in 2011 in a joint venture with American Express to access an affluent client base of card holders, giving it instant credibility and brand recognition despite not being a household name outside Europe. …

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