We have moved past the time to address the concept of e-commerce. Pretty much everyone, who has a direct or indirect interaction with internet, is aware of the impact of the online marketplaces.
One such Singapore-based company, Reebonz, is one of the most established online luxury sales companies in Southeast Asia. It models around the idea of accessible luxury that allows users to purchase new and pre-owned luxury merchandise on web or mobile. Targeting customers in the Asia-Pacific region with business operations, it is now looking to raise $150 million to boost its business and focus on expansion in China, Japan, and South Korea.
In an interview with Bloomberg, Samuel Lim, CEO, Reebonz, said they have been involved with investment banks including Credit Suisse Group AG and Goldman Sachs Group Inc. since May to engage potential investors.
The startup gained a valuation of $300 million in late 2015, which makes it the most valuable luxury e-commerce startup in Southeast Asia. Its backers include Vertex Ventures, GGV Capital, Granite Global Ventures, Intel Capital, Matrix Partners China, Infocomm Investments, and Mediacorp. Samuel was quoted saying,
We are looking for the right partners for the next wave of growth. They may be strategic groups or long-term private equity funds who have vested interest in growing a luxury online platform.
He chose not to reveal the target valuation, however, he added, they are open to the idea of investments from several entities, be it internet companies or luxury fashion firms, that it can leverage to access their networks and fuel growth.
With offices in Australia, Hong Kong, Indonesia, Malaysia, South Korea, Thailand and Taiwan, the startup has a team of about 300. It had unveiled an e-commerce hub in Singapore last month with a capacity to store over 500,000 types of goods.