Singaporean multi-brand luxury retailer Reebonz has raised additional funds from media giant MediaCorp.
In March, Reebonz opened a 210sqm flagship in Sydney, its very first retail store, two years after launching its website in Australia.
The new S$50 million (US$40 million) investment values Reebonz at S$250 million (around US$200 million). MediaCorp says it is the first time it has invested in an online retailer.
“We see great alignment between what Reebonz 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,” said MediaCorp CEO Shaun Seow.
With more and more consumers demanding the convenience of online shopping, MediaCorp expects online purchasing to increase even more.
Members-only shopping site Reebonz sells products from luxury brands including Prada, Miu Miu, Gucci, Christian Dior, Tods, Fendi and many others.
MediaCorp’s investment will further solidify Reebonz’s position in the online luxury goods space and will help build world-class billion-dollar Internet commerce group from Singapore, says Reebonz CEO Samuel Lim.
The retailer told Inside Retail in March it expected to open its second store in Melbourne early next year, however its location is yet to be confirmed.