Under the agreement, Yahoo and Bluefly will integrate the cobranded store into Yahoo's comprehensive shopping service. With the addition of Bluefly's wares, Yahoo is hoping to offer a more extensive selection of name brand apparel at its site.
Bluefly stock exploded 45.99 percent higher, a gain of 6.81, to 21.63. The stock has traded as high as 23.25 and low as 1.5 during the past 52 weeks. Yahoo, however, slipped 3.65 or 7 points to 185, and has hit a high of 227.75 and a low of 25.63 during the past 52 weeks.
Bluefly is one of the few Internet stocks that is moving higher today with most stocks in that sector getting a severe beating as they follow the overall downward movement of the market..
"Bluefly.com offers [our users] the opportunity to buy designer and name brand apparel and fashion accessories at a discount,'' said Yahoo's director of commerce John Briggs in a statement. "Having Bluefly.com in Yahoo Shopping is a great addition for us, particularly as we enter the holiday shopping season."
Bluefly, headquartered in New York City, said it offers savings of 25 to 75 percent off of retail prices.
The company also offers its "MyCatalog" feature which hopes to eliminate the "hit-or-miss'' aspect of off-price shopping by allowing shoppers to see only those products, which are available for sale and match their interests.
"We believe that our positioning in Yahoo Shopping's Apparel and Accessories Department will help grow our sales and build our brand,'' said Bluefly executive vice president Jonathan Morris in a statement.