MediaCorp Pte Ltd has 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.
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.