SCMP Group has entered into an agreement to acquire a majority stake in MyDress Holdings, operator of ecommerce platform MyDress.com.
The HK$39.7 million acquisition marks SCMP Group‚Äôs first venture in retail ecommerce and will introduce a new dimension to the group‚Äôs diversification strategy.
The media group said it will leverage the experience and infrastructure of MyDress to explore ecommerce opportunities for its stable of magazine brands from ELLE, Cosmopolitan and Harper‚Äôs BAZAAR.
Co-founders and key executives of MyDress, Edmund Wong and Leon Lai, will continue to spearhead MyDress and manage its day-to-day operations while working closely with the SCMP on further growth and development.
‚ÄúThis acquisition underpins the SCMP Group‚Äôs determination to fortify its digital development growth thrust,‚ÄĚ said Robin Hu, CEO of the SCMP Group.
‚ÄúThrough MyDress, we will gain a firm foothold in the ecommerce space in Hong Kong and extend along the internet value chain of ‚Äėcontent-community-commerce‚Äô, thus enabling new monetization possibilities.”
Edmund Wong, co-founder and director of MyDress, added it was exciting to be part of Hong Kong‚Äôs largest media group. “[We] are impressed with their holistic and forward-looking digital vision,‚ÄĚ he said.
MyDress‚Äôs ecommerce platform launched in 2013 and is known for its broad offering of fashion, apparel, accessories and undergarments for both men and women.