Minds + Machines Group Limited (AIM:MMX) announced overnight that it acquired the new gTLD .Fashion at a price that exceed almost all the money it received from losing the new gTLD applications for .cricket, .pizza, .restaurant, .coupon and .immo.
In essesence according to the company it gave up rights to 5 new gTLD strings for .Fashion and £250,000.
Shares of Mind + Machines sank today in trading over 7.5% down to 10.75P in trading today
Fred Krueger, Chairman of Minds + Machines, commented:
“We consider .fashion a major win and expect that existing fashion brands, aspiring designers, retailers, consumers and entrepreneurs will naturally gather around the .fashion domain. We look forward to continuing to use the private auction process selectively to secure those domains which we have targeted and which we believe can return the greatest value to the comapny”
Personally I like .Pizza the best of the strings, .Fashion second best and .Immo third. Cricket is a very popular sport and I have owned Cricketonline.com for a very long time which has done very well in terms of traffic and PPC revenue.
It was reported that the domain name restaurants.com was sold for at least $6,000,000 back in 2011.
Obviously its a long domain, but restaurants is a huge vertical and the only competition for the extension in the new gTLD world is .Rest, .Food and .Eat
Not sure I like this 5 for 1 trade.
And it appears neither do the shareholders.