Flash sales site Gilt Groupe reportedly planning IPO; Zulily higher

Sources tell Bloomberg leading apparel/luxury goods flash sales site Gilt Groupe has hired Goldman to help take it public. An IPO timeframe hasn't yet been decided.

Gilt had 2012 revenue of $550M, and was valued at $1B in a 2011 funding round. But sales volatility and intensifying competition have triggered layoffs and executive upheaval. Several rivals have either downsized or gone out of business.

Rival Zulily (ZU +4.1%), which delivered a strong IPO last year, is trading higher.

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