For immediate release
MediaCorp Invests in Singapore luxury online retailer, Reebonz
Singapore, 20 May 2013 – 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. The round raised $50m and values Reebonz at over $250m. Post completion, Reebonz’s total invested capital base stands at $100m. 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, Singapore.
Reebonz Pte Ltd operates an e-commerce website that aims to deliver the ultimate shopping experience for high end luxury, bringing greater convenience, price accessibility and choice to its customers. Recently, it has 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 world of luxury retail. Reebonz has a current member base of 2 million.
MediaCorp CEO Mr Shaun Seow says, “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, we have been watching the progress of Reebonz and are impressed by how it’s garnered such high confidence among online shoppers. 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”.
Reebonz CEO Mr Samuel Lim says, “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 and 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 8 key geographic markets in Asia Pacific”.
Issued by Corporate Communications, MediaCorp
For more information, please contact:
Corporate Communications and Marketing
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.
It pioneered the development of Singapore’s broadcasting industry, with the broadcast of Radio in 1936 and Television in 1963. 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.
Initiatives in the new digital space include Internet TV-on-demand, High Definition TV broadcast and Over-the-Top (OTT) interactive services.
Beyond Singapore, MediaCorp is an active regional player through co-productions in TV dramas and movies, magazines publishing, as well as Channel NewsAsia International, one of the first Asian-owned English news channels.
Our financial and strategic relationship in the region includes International Media Corporation in Vietnam, which was set up to develop and produce television entertainment and economic news content.
Winner of numerous international awards and accolades including Asian Television Awards’ Terrestrial Broadcaster of the Year, MediaCorp’s vision is to become Asia’s top media company, delivering valued content to the world.
For more information, please visit mediacorp.sg.
Headquartered in Singapore, Reebonz is Asia’s favourite destination for luxury brands at easily affordable prices. The Reebonz (pronounced ‘ribbons’) concept involves short-duration, online private sales events, which are exclusively, open to members only. Registration to Reebonz is free. Sales events involve both women’s and men’s brands and are modelled around the concept of ‘accessible luxury’. Members enjoy huge discounts on a wide range of high-quality branded products, with new names being continually added to inventory. Even receiving a package from Reebonz is a special experience since items are attractively gift-wrapped to enhance the retail experience.
Reebonz is available as iPhone and iPad applications that allow members to view all current and upcoming sale events on Reebonz.com and conveniently browse and purchase products on offer.
Launched by Singaporean entrepreneurs Samuel Lim, Daniel Lim and Benjamin Han, Reebonz has since set up regional offices in Malaysia, Indonesia, Thailand, Taiwan, Hong Kong, Australia, Shanghai, and Korea as well as distribution channels to further assist company expansion across the Asia Pacific region.
For more information, please visit www.reebonz.com.sg.