A new startup can grow fast if they find the right strategies to run the company. Just like Reebonz is doing, that the poverty is not considered as an obstacle to reaching out wealthier citizens. Confidently, this e-commerce startup has attracted thousands of unique visitors each day with hundreds of thousands registered users and an average purchase value of about IDR 7.5 million in 2013.
Reebonz is a startup which embodies the founder’s aspirations to access luxury by providing Asia Pacific shoppers with a trusted platform for buying and selling the widest range of luxury products across their luxury ecosystem, providing a seamless shopping experience for everyone.
It is designed to connect shoppers to the world of luxury through a luxury B2C retailer (Reebonz), a marketplace platform for individuals (C2C) and access for shoppers to multi-brand luxury boutiques without a presence in Asia (Reebonz Marketplace).
The leading luxury e-commerce retailer in Asia Pacific has now established its presence in 8 countries with over 300 employees in offices across Singapore, Malaysia, Indonesia, Hongkong, Taiwan, Thailand, Australia and Korea.
The key of birth
The key of Reebonz birth was the taking off of e-commerce in Asia-Pacific back in 2009 and the global financial crisis where many brands and companies were dealing with an overstock. It was seen as an opportune moment to make the move into the luxury e-commerce space. Reebonz originally built on the idea of making luxury accessible for everyone. This vision still drives their business growth until today. Reebonz is constantly innovating to keep them the best and ahead of the competition in the big industry.
Reebonz, which started with 18 employees now has 150 employees, valued at over S$250 million which make them one of Singapore’s biggest e-commerce with great success today. Their appetite for luxury goods has so far gained the confidence of big investors such as Intel Capital, Vertex Asia Investments, Media Corp and Infocomm Investments. In 2013 its turnover is estimated to be S$125 million, and recently obtained an investment of US$40 million led by MediaCorp, the biggest Singapore broadcaster. This move reportedly brings the total value of Reebonz to under US$200 million.
The success of e-commerce startup
There are specific reasons why e-commerce startup like Reebonz has gained success and become huge in the e-commerce industry. They started from an online site where people can buy and sell luxury products. Now, it is regarded as the fastest-growing online luxury shopping destination in Asia. It has a promising future as a startup that paved them to become a market leader. A great team of 18 employees led by three founders Samuel Lim, Daniel Lim, and Benjamin Han has walked through the right experience, intellect and vision to be market leaders.
Reebonz’s target is the middle-class fashionable who believe fashion is more important than the utility to afford luxuries with easy access. The research said that the middle class in Asia is having a rapid growth and that is why they expected the market to continue to grow strong. Widest brand selection which continually added to inventory become Reebonz’s strength, along with the great team with a great vision. That is why Reebonz continues to reach the peak of success.