MediaCorp, one of Singapore’s two largest media companies, has poured $40 million into Reebonz in a deal that values the designer brand flash-sales site at about $200 million. This is the first time that MediaCorp has invested in an online retailer, according to a story on Channel News Asia (a site that is also owned by MediaCorp).
The media conglomerate hopes that Reebonz will help it tap into the Asia-Pacific region’s booming e-commerce market, which eMarketer says will make $1.3 trillion in 2013, leading the world in B2C online sales.
“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,” MediaCorp CEO Shaun Seow said.