Singapore-headquartered online luxury retailer Reebonz plans to raise up to US$150 million to bolster its marketplace business and fund expansion in China, Japan and South Korea.
Reebonz has been working with investment banks including Credit Suisse Group and Goldman Sachs Group since last month to engage potential investors, says CEO Samuel Lim. The startup he co-founded eight years ago was valued at about $300 million in late 2015.
“We are looking for the right partners for the next wave of growth,” says the Singaporean entrepreneur.
Reebonz opened a $29 million, eight-storey headquarters in Singapore last month which houses the firm’s authentication process as well as a robotic storage system for Hermes bags, jewellery and watches. The company has 300 employees and offices in Australia, Hong Kong, Indonesia, Malaysia, South Korea, Taiwan and Thailand.
Lim says Reebonz is open to various fundraising options, including investments from internet or luxury-fashion companies.
Reebonz, whose website and app customers can buy new and pre-owned designer bags, watches and other luxury items, is aiming to push into marketplace platforms where offline boutiques and individuals can buy and sell items directly.
“As buyers become sellers and sellers become buyers again and again, we will add more and more product ranges,” says Lim. “This allows us to work as a luxury ecosystem, differentiating ourselves against the mass horizontal players.”