MediaCorp has led the latest round of investments into luxury online retailer Reebonz. 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 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.
In a prepared statement, MediaCorp CEO, 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, 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.”
Samuel Lim, CEO, Reebonz added: “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.”