Could Vente Privée Wipe Out Gilt in the U.S.?

Can we expect a new twist in the flash-sale wars?  Gilt Groupe just announced they’ve raised $138 million from new and pre-existing investors, with the company now valued at $1 billion.  However, the not-yet-profitable business (according to Kevin Ryan, founder and CEO) is about to face a new competitor: The European private sale site Vente Privée, which is about to launch in the U.S.