Under the expanded five-year agreement, iMALL will have exclusive retailing rights for the sale of music, books, and travel within the animalhouse site. The previous agreement granted iMALL retailing rights for virtually all other products and services.
iMALL will now oversee retailing of all products and services with the exception of concert and event tickets. iMALL will share a percentage of gross profits under a revenue sharing agreement with animalhouse.com.
A joint venture between Universal Studios Online and Hyundai Information Technology Co., animalhouse.com is an online community designed to meet the cultural, social and educational needs of college students by providing them with a place to congregate, shop and exchange ideas. The formal launch of animalhouse.com is slated for later this month.
“This agreement will expose the iMALL brand and e-commerce tools to a large online community of Internet-savvy college students,” said Richard Rosenblatt, chairman and CEO of iMALL. “We see this as a key strategic partnership in terms of both online retailing and creating e-commerce enabled Web sites for businesses in college towns around the country.”
iMALL offers its e-commerce services directly to merchants, as well as through partnerships, and operates a shopping mall on the Internet.