Taiwan’s GigaMedia, an online games and computing services provider, is to buy 70 per cent  of global eCommerce cosmetics retailer Strawberry Cosmetics.

Taipei-based, Singapore-listed GigaMedia will pay about US$93.1 million for the stake.

Strawberry Cosmetics owns and operates the website StrawberryNET.com and the related mobile application. It has a comprehensive sales and distribution network covering major countries worldwide, with increasing business in Asia, is translated into 38 languages and has a global customer base of more than 3 million.

Strawberry Cosmetics has also established a global sourcing network of a comprehensive range of beauty products with more than 700 brands and 30,000 SKUs.

Over the last four years the website has achieved annual sales exceeding $200 million, largely in Oceania, the US and Europe.

GigaMedia believes Strawberrynet.com has significant growth potential in Asia.

“As Strawberry Cosmetics is an established and proven eCommerce platform with an existing customer base, the company is of the view that the transaction would help diversify the company’s overall business risks and broaden the company’s business portfolio in the internet and technology sector and allow the company to tap into the fast growing beauty and cosmetics eCommerce market,” GigaMedia said in a statement.

It sees potential significant synergies from leveraging its IT, online and offline marketing, as well as its local connections in various Asian countries including China, Japan and South Korea.

GigaMedia’s online games business is an innovative leader in Asia with growing game development, distribution and operation capabilities, as well as platform services for games; focus is on mobile games and social casino games. The Company’s cloud computing business is focused on providing enterprises in Greater China with critical communications services and IT solutions that increase flexibility, efficiency and competitiveness.