HONG KONG, 20 October 2015 –
SCMP Group Ltd (SEHK: 583), Asia’s leading media holding company, today announced that it has entered into an agreement to acquire a majority stake in MyDress Holdings Ltd, operator of MyDress.com, Hong Kong’s fashion ecommerce market leader known for its active and loyal customer base. Upon completion of the transaction, the SCMP Group will own the majority of MyDress Holdings through a wholly-owned subsidiary.
The acquisition marks the SCMP Group’s first venture in retail ecommerce. It will introduce a new dimension to the Group’s diversification strategy, creating complementary synergies between the Group’s premium fashion content and market leading audience base, and MyDress’s online shopping offerings and ecommerce expertise. SCMP Group will leverage the experience and infrastructure of MyDress to explore ecommerce opportunities for the Group’s magazine websites, such as ELLE, Cosmopolitan and Harper’s BAZAAR, whose Hong Kong franchise both in print and online are exclusively operated by the SCMP Group.
Co-founders and key executives of MyDress, Mr Edmund Wong and Mr Leon Lai, will continue to spearhead MyDress and manage its day-to-day operations while working closely with the Group’s management on further growth and development.
“This acquisition underpins the SCMP Group’s determination to fortify its digital development growth thrust,” said Mr Robin Hu, CEO of the SCMP Group. “Through MyDress, we will gain a firm foothold in the ecommerce space in Hong Kong and extend along the internet value chain of ‘content-community-commerce’, thus enabling new monetisation possibilities. We look forward to working with Edmund and Leon, two of Hong Kong’s leading minds in the ecommerce space, to take MyDress to the next level.”
Ms Josephine Chan, Managing Director of SCMP Magazines Publishing Limited commented: “Our current magazine portfolio consisting of ELLE, ELLE Men, Cosmopolitan, Harper’s BAZAAR and Esquire gives us the lion’s share of Hong Kong’s lifestyle leisure magazine audience in both print and online. The acquisition of MyDress will equip us with the capabilities and know-hows to further engage and interact with, and most importantly monetise on our valuable audience base.”
“We are very excited to be part of Hong Kong’s largest media group, and are impressed with their holistic and forward-looking digital vision,” remarked Mr Edmund Wong, Co-founder and Director of MyDress. “With SCMP Group’s authoritative voice and long-standing loyalty among Hong Kong’s fashion-conscious audience, this strategic partnership will enable MyDress to stay ahead of industry trends and broaden our reach among premium consumers.” Mr Leon Lai, Co-founder and CEO of MyDress further expressed: “We see SCMP Group’s investment as a catalyst for MyDress to leap ahead and expedite our growth in the online retailing space towards our goal of becoming the go-to destination of fashion ecommerce in Hong Kong.”
MyDress’s ecommerce platform was launched in 2013, and is known for its broad offering of chic and trendy fashion items, including apparel, accessories and undergarments from over 50 brands. Ranked the #1 most searched fashion ecommerce website in Hong Kong on mobile devices in 2014 by Google, MyDress introduces renowned fashion brands from Korea and Taiwan into Hong Kong ecommerce market through its well-established and primarily exclusive relationships with merchandise suppliers across Asia.
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About SCMP Group Ltd and South China Morning Post
SCMP Group Limited (SEHK: 583) is a leading newspaper and magazine publisher in Asia. Its flagship publication, the South China Morning Post, is Hong Kong’s internationally recognised English language newspaper and has the city’s most affluent and influential readership.
First published in 1903, the newspaper has developed an enviable reputation for authoritative, influential and independent reporting on Hong Kong, China and the rest of Asia. Available in print, mobile, tablets and online through scmp.com and e-reader editions, the South China Morning Post reaches a global audience with daily breaking news, analysis and opinion, multimedia articles and interactive forums. The South China Morning Post received over 160 awards in 2014-15 for excellence in editorial, marketing and technical capabilities. Other titles in the Group include the Sunday Morning Post, Nanzao.com (南早.com), Nanzaozhinan.com (南早香港指南.com), STYLE, Destination Macau, The PEAK, HK Magazine and The List.
Through the joint venture partnership with Hearst, SCMP Hearst publishes the Chinese editions of Cosmopolitan, CosmoBride, Harper’s BAZAAR, Harper’s BAZAAR Art, Harper’s BAZAAR Bride, Esquire, ELLE, ELLE Men, ELLE Wedding, ELLE Décoration, and ELLE Accessories; and operates Cosmopolitan.com.hk, Cosmogirl.com.hk, Harpersbazaar.com.hk, ELLE.com.hk and EsquireHK.com in Hong Kong.
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