In an interview with DirectorsOf, Granjon explains that he slashed the Vente-Privee UK team by 75% because the “tough island” requires a different plan than the one that’s been (incredibly) successful in France and continental Europe.

“In Spain, for example, if you get something you like you spread the news and tell your friends, but if UK people get a good deal they keep it for themselves,” he says.

And unlike Groupon, don’t look for Vente-Privee to achieve dominance in other markets by buying the most successful clone at whatever price it takes.

“Everyone who makes £20m sales thinks theyâ€re worth £200m,” Granjon says. “If you spend too much money on an acquisition you are not sure to succeed, particularly in mature countries.”

None of which has dampened Granjon’s enthusiasm for the forthcoming Vente-Privee/American Express US collaboration, which may come as early as Thanksgiving of this year or as late as 2012.

It’s difficult to emphasize how much of an achievement it is that Vente-Privee has built a billion euro (even cooler than a billion dollars) business largely through dominance in France and other European countries, but we think Granjon may be running into the same problems US and UK companies run into when trying to enter France on the opposite side and slowing growth plans too soon.

One of the reasons Vente-Privee was buzzworthy in France is because sales are actually regulated by the government. Stores are permitted to run sales at scheduled times twice a year, and anything else is a “private sale,” or vente privee in French. And truly, they really are private – you’d have to be on a customer contact list at a store, pass my a window at just the right time, etc. Given the shakiness of the economy, there’s not a huge crackdown on special promotions or small sales, but it’s just not the same as the US where a visit to almost any store at almost any time of the year will include a well stocked sale rack.

While the UK isn’t as sales crazy as the US (where even the most minor holiday warrants a sale), it’s also not as tightly regulated as France. We’re not sure about Spain, but those are the kind of the subtle differences that could require more or different promotion. If you’re used to shopping in France, where truly good sales only come twice a year, then you’d absolutely want to tell your friends about a site offering 60-70% off on an every day basis. If you’re in the UK, where sales are more frequent and the local charity shop can turn up designer clothing at a discount price, the entire proposition might not be as exciting.

Though the UK is different from the US, it’s much closer than France. Granjon says the company isn’t giving up on the UK market, but we think they’d do well to give it a more forceful go in preparation for their upcoming launch with American Express.

Vente Privée, the French private sale website that inspired companies like Gilt Groupe and RueLaLa in the US is staking its claim in the US market through a joint venture with American Express.

If you’re wondering why the idea of yet another private sale site is worth noting, it’s not just because of recent exits (Hautelook was acquired for $270 million by Nordstom) or recent fundraising rounds (Gilt recently raised $138 million at an estimated $500 million valuation), or even the fact that Vente Privee introduced the model a full 6 years before anyone in the US knew what an online private sale was; no, it’s the fact that with more than $1 billion in sales, Vente Privée is larger than Gilt Groupe, RueLaLa and Hautelook combined. You could probably throw Ideeli in there too, and still have a few dollars left over.

In an interview with Business Insider founder Jacques-Antoine Granjon notes that the success of the site outside of France has been largely due to a willingness to learn the in and outs of each market. “Each time we opened in a new country, it was a new adventure. Each time we had to educate people about the brand all over again, build relationships, transfer our DNA,” he says.

In the US that will mean essentially starting from scratch, but having access to AmericanExpress’s 42 million members certainly can’t hurt. Given the number of high earners who shop at private sale sites – sometimes at the expense of upscale department store sites – it’s also an attractive proposition for AmEx, who first dipped their toes into the private sale market with Vacationist.

“I had always said that I wouldn’t be going to the US without a partner,” Granjon says. “It’s a very mature market. Discount shopping here is very structured, with companies like TJ Maxx and others making billions in revenues each year. I’ve always said that my market is Europe and my goal was to work with the fifteen hundred brands that matter in Europe.

But this is a tremendous opportunity. Amex is one of the world’s best brands, with 42 million card holders. We can combine our specific know-how with their reach.”

Granjon says that the site will likely launch under a different name, but a billion dollar juggernaut by any other name is still worth watching.

“You know, we’ve been profitable without debt since 2004. So when I see competitors raise a lot of money, over a hundred million dollars, and still aren’t profitable, I have to wonder.” {SAI/Business Insider}