GigaMedia announced that it has entered into a share purchase agreement to acquire a 70% equity interest in Strawberry Cosmetics Holding Limited. Strawberry Cosmetics is a global cosmetics e-commerce company. The total consideration payable by the Company for the acquisition is approximately US$93.1 million.
Strawberry Cosmetics is an established online distribution and retail platform of beauty products. The company owns and operates the website “StrawberryNET.com” and the site’s related mobile application. Strawberry Cosmetics has a comprehensive sales and distribution network with customers in all the major countries all over the world.
StrawberryNET.com is translated into 38 languages, and has a customer base of over 3 million customers worldwide. It also has also established a global sourcing network of a comprehensive range of beauty products with more than 700 brands and 30,000 stock keeping units.
Consolidated sales revenues of Strawberry Cosmetics as well as its subsidiaries in the recent four years have been over US$200 million per year. The revenue contribution is mainly from its sales in the Oceania, United States and European markets. The Asian market on the other hand is still in the process of growth. Strawberry Cosmetics will benefit from the Company’s existing marketing resources for further expanding its Asian market. It will also benefit from the GigaMedia’s technology expertise for enhancing its future product strategy.
Strawberry Cosmetics is an established and proven e-commerce platform with existing customer base. The transaction would help diversify the Company’s overall business risks and improve the Company’s business portfolio in the Internet and technology sector. This will also allow the Company to tap into the fast growing beauty and cosmetics e-commerce market.
GigaMedia sees potential significant synergies with Strawberry Cosmetics from leveraging the its expertise in information technology, online and offline marketing, as well as its local connections in various Asian countries including China, Japan and South Korea. The completion of the Transaction is subject to the Company’s shareholders’ approval at an extraordinary general meeting of shareholders to be held on August 5, 2015 and other customary conditions. The Transaction is expected to be completed in the third quarter of 2015.
About GigaMedia Limited
GigaMedia Limited is a major provider of online entertainment software and services. Headquartered in Taipei, GigaMedia is a holding company with a diversified portfolio of businesses providing online games and cloud computing services.
GigaMedia develop software for online entertainment services, including the global online gaming market. GigaMedia’s FunTown game portal is a leading Asian casual games portal and the world’s largest online Mahjong game site in terms of revenue. FunTown generates revenues through access fees and also through the sales of various in-game items. It was founded in 1998 by the Acer computer company. They are based in Greater China, with offices in Shanghai, Hong Kong, and Taiwan. GigaMedia also operate the EverestPoker.com poker site.
GigaMedia’s online games business develops and operates a suite of games in Taiwan and Hong Kong, with focus on extending Giga’s online games platform to Web/mobile games, the fastest growing segment of online games, and supporting cross-platform play with strong self-development capabilities. On the other hand, the company’s cloud computing business is focused on providing SMEs in Greater China with critical communications services and IT solutions that increase flexibility, efficiency and competitiveness.
GigaMedia was incorporated in September 1999 as a company limited by shares organized under the laws of the Republic of Singapore, and completed an initial public offering of its shares on NASDAQ on February 24, 2000. GigaMedia stock market evolution: http://www.marketwatch.com/investing/stock/gigm
About Strawberry Ltd.
Strawberry Ltd. Is a skin care company that provides skincare, makeup and fragrance products online. It also provides hair care products, women’s and men’s fragrances, cosmetics, perfumes and colognes worldwide. Strawberry Ltd. was founded in 1996 and is based in Shau Kei Wan, Hong Kong. With over 10 years in business and backed by a dedicated team devoted to improving your shopping experience, we’re proud to call ourselves “The Fresh Cosmetic Company” because we’re innovative and modern with a determination to become the leader in the future of ‘E’Tailing. The company is the first truly global offer of branded products at a discounted price and they believe in providing a hassle-free environment to purchase favorite skincare, makeup and fragrances at prices that customers can easily afford. With over 30,000 items from over 750 brands, it has the largest discount range available in the world of Make Up, Skincare and Fragrance, all at hugely discounted prices
All of Strawberry Cosmetics products are fresh and genuine brand items and their special offers are very irresistible. Strawberry Cosmetics is a totally international company that purchases all genuine products duty free and delivers anywhere in the world. It has hundreds of thousands of satisfied customers in over 200 countries worldwide.