The founders of online retailer CD Wow have vowed to challenge a London High Court damages award at the European Court of Justice in Luxembourg, Europe's highest court.

In a statement issued today, Henrik Wesslen, co-founder of CD Wow, commented: "We are outraged by the judgment. We will fight this all the way to the European courts even if it takes another three years to win justice."

Britain's High Court last week ordered the Hong Kong-based firm's parent company Music Trading Online must pay a sum of more than £40 million ($80 million) to the U.K. recording industry after finding the Internet retailer guilty of illegally importing CDs and music DVDs from Asia.

"There will be no let up on our part and CD Wow will continue to trade now and in the future. We make tiny margins on our goods and it is the consumer who benefits not the big high street stores who rip off their customers by adding massive margins," Wesslen added.

"We have tried to come to an agreement with the record industry in the same way they have agreed partnership with downloading companies, but all they wanted to do was flex their muscles."

The BPI described the total sum awarded as the largest damages award ever made in its favor. The trade body had pursued CD Wow through legal means for six years.