National postage mail delivery company SingPost has sold its online luxury goods store, Clout Shoppe, to Reebonz for an undisclosed amount.
SingPost, which also provides end-to-end e-commerce services to retailers who have no experience doing business online, made the decision to avoid any conflict of interest by being in direct competition with potential e-commerce clients.
Some of the 300 brands SingPost has helped set up shop online include Adidas, Canon and Toshiba.
Clout Shoppe is well-suited for Reebonz, which has been in the online luxury goods business since 2009, with at least nine offices in Asia Pacific and USD40 million in funding.
Source: Techinasia.com
Photo: Cloutshoppe.com
