Hong Kong newspaper publisher SCMP Group has bought a controlling interest in online fashion retailer MyDress Holdings, which operates MyDress.com.
SCMP Group has paid HK$39.7 million (US$5.12 million) for a 56.65 per cent stake in the business, expanding its growing footprint in the digital media industry.
MyDress was created by Edmund Wong and Leon Lai in 2013 and offers more than 50 brands of mens and womens fast fashion apparel and accessories at affordable prices.
The deal ends 18 months of discussions between SCMP Group and the site’s founders. Wong and Lai will maintain their management roles and work with the new owners to expand the business.
MyDress.com is currently in Chinese, but an English language version is due to be released this week.
SCMP Group publishes the English language newspaper South China Morning Post, founded in 1903, and affiliated publications and publishes Chinese language editions of international magazines in a joint venture with Hearst US, including Esquire, Elle and Cosmopolitan.