Pre-registrations of .luxury domain names have commenced, but the price is a very luxurious $799.99 per year, according to media reports.

The TLD operator, Luxury Partners, LLC, was awarded .luxury by ICANN, and they have selected NameJet and Afternic (now owned by GoDaddy) to manage the Sunrise, Landrush and Premium Name selection and sales phases of the .luxury release.

According to the TLD operator in a news release, the .luxury gTLD provides a brandable platform to meet the unique needs of the luxury market. Businesses in the luxury industry will have the opportunity to strengthen their brands, better reach their target audiences, while offering consumers an easier way to find luxury products and services under the .luxury gTLD. Euromonitor International reports sales of luxury goods are expected to exceed $317.0 billion worldwide in 2013, which represents a three percent increase over 2012 and demonstrates an attractive growth segment online worthy of a registrar’s marketing attention.

Afternic has been selected to provide definition and valuation services for .luxury premium domains, and to provide marketing and sales support. .luxury premium domains will be sold exclusively through the Afternic marketplace. NameJet will be the exclusive auction platform for the .luxury Sunrise, Landrush and Premium Domain auctions. Together, Afternic and NameJet’s services will provide the end-to-end technical and marketing solutions required to successfully launch the .luxury gTLD.

“We are extremely excited to be launching our new platform with NameJet and Afternic,” said Monica Kirchner, CEO of Luxury Partners, LLC. “We are confident this partnership will enhance the value and visibility of the .luxury namespace. The .luxury brand has a unique opportunity to become the online destination for the luxury industry, providing a place for consumers and existing brands to learn, engage and transact. .luxury further creates opportunities for new entrepreneurs to establish their company in the luxury space.”

“We are excited to once again partner with NameJet and be able to bring .luxury to the public. With the additional reach of GoDaddy, Afternic will continue to lead the way in bringing valuable new gTLDs to the public”, said Bob Mountain, Chief Revenue Officer of Afternic.

“The .luxury brand has tremendous potential for small businesses and larger brands alike,” said Matt Overman, General Manager of NameJet, “The natural value of the TLD combined with our experience in the aftermarket creates a win-win for reaching the users.”