SINGAPORE, May 21- MediaCorp Pte Ltd today announced that it has led the latest round of investments into Reebonz Pte Ltd, one of the region’s fastest growing luxury online retailers.
In a statement, Media Corp said: “The round raised S$50 million and values Reebonz at over S$250 million. Post completion, Reebonz’s total invested capital base stands at S$100 million.”
The investors include Vertex Asia Investments, Granite Global Ventures, Intel Capital, and Matrix Partners China and Infocomm Investments, the venture arm of the Infocomm Development Authority of Singapore.
Reebonz, which has two million members, operates an e-commerce website that aims to deliver the ultimate shopping experience for high-end luxury, and recently expanded its reach by going into the pre-owned luxury goods and design & lifestyle products through its properties, Reebonz Vintage and Kwerkee.com.
To provide its members with an intimate shopping experience, Reebonz’s flagship retail lounge, Reebonz SPACE, was launched in 2011, creating a whole new mantra in the world of luxury retail. MediaCorp chief executive officer Shaun Seow said: “With rising incomes in Asia, more people are spending on luxury goods. We are also seeing increasing online purchases as consumers get comfortable with the convenience of such transactions.”
At MediaCorp, he said, “we have been watching the progress of Reebonz and are impressed by how it’s garnered such high confidence among online shoppers.” Seow said the management team is also very focused in its goals.
“We see great alignment between what Reebonz does and what MediaCorp has -– audiences, content targeted at the luxury market, and our star power. We are confident that by collaborating closely with Reebonz, we’ll see even more breakthroughs from the retailer,” Seow added.
Reebonz CEO Samuel Lim said: “Reebonz prides itself in delivering the ultimate shopping experience for everything from luxury bags, accessories to watches and jewellery, bringing greater convenience, price accessibility and more choices to online shoppers.
“We have built a strong following, a trusted brand and excellent customer experience for our customers, since our inception in mid-2009. We are delighted to have MediaCorp as an investor and business partner.
“I am confident that the MediaCorp brand association will further solidify Reebonz’s position in the online luxury goods space and build a world-class billion-dollar internet commerce group out from Singapore and further strengthen our market leader position in eight key geographic markets in Asia Pacific, ” he said.
MediaCorp is Singapore’s leading media company with the most complete range of platforms, spanning television, radio, newspapers, magazines, movies, digital and out-of-home media.
Today, MediaCorp has over 50 products and brands in four languages (English, Mandarin, Malay and Tamil), reaching out to all adults in Singapore every week. Beyond Singapore, MediaCorp is an active regional player through co-productions in TV dramas and movies, magazine publishing, as well as Channel NewsAsia International, one of the first Asian-owned English news channels.
– BERNAMA
