Saturday, May 1, 2010

Luxury Auction Site OohILove Selling Fake Bags?

By Lauren Quintana


"A word to the wise ain't necessary, it's the stupid ones who need advice."

With the cosmic eruption of sample sale and overstock-esque websites, everyone is expecting and demanding a more than generous bargain. So much, that people have lost their damned minds expecting to grab a pair of Louboutin's for $7.86.

Oohilove.com has been tossed in front of the firing squad recently over some "Not authorized to sell LVMH merchandise" practices. As LVMH (Louis Vuitton Moet Hennessy) has a strict "No Sales, EVER!' mantra, we had to do some research to find why a small percentage off was unheard of in-store, yet people were snatching up bags for the same price of sponsoring a child for a whole month.

The way Oohilove.com works is as such: Buy as many bids as your greedy heart desires for .99 per bid. Each bid you make deducts a bid from your bid bank (no shit). There is a countdown, similar to the "Going Going Gone" section of Outnet.com. As bids are placed, the price goes up by .02 and the countdown increases by ten seconds, allowing bidders to reclaim their bids.

The practice itself is not what has us concerned. It's an actual clever and profitable business move. Let's have a moment of intellect, shall we?
Oohilove.com purchases the bag at full retail. Bidders begin bidding and zing-zang-pow! You've won Louboutin mary-janes for $75. Remember the two cent rule? So, 75/.02= 3750. The average price for the shoe is about $830, however with thousands of people on the site and bidding, Oohilove.com has earned 3,750 + 75 profit. To add, by requiring you to purchase bids up front, they are creating their own commodity, thus guaranteeing themselves a big pay-out.

Now that we've established penny-gambling, although risky, is legit-l et's discuss why we're really here.

CEO of LVMH, Daniel LaLonde, has made numerous remarks in the press as of recent over the items being "obvious fakes".

No outlandish or overly publicized press conference needed. Two simple words, "obvious fakes". Something those of us with functioning brain matter figured out awhile ago.

So, for those who "need a word"...Save your money and buy the damn bag.

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