China-focused media group SCMP pivots into e-commerce with acquisition of Hong Kong fashion retailer MyDress.com
Group broadens its business portfolio in bid to foster closer ties with readers and further monetise valuable audience base
SCMP Group is expanding into e-commerce via a landmark investment in Hong Kong-based online retailer MyDress.com, it announced on Tuesday.
The publisher of the century-old South China Morning Post newspaper is keen to share in the rapid growth of the changing dynamic in the digital era.
The Hong Kong-headquartered media holding company, owned by Malaysian-Chinese billionaire Robert Kuok Hock Nien, said it has agreed to acquire a majority stake in MyDress Holdings Ltd, operator of MyDress.com.
This is the group’s first move into retail e-commerce. SCMP Group also publishes leading fashion and lifestyle magazines including ELLE, Cosmopolitan and Harper’s BAZAAR in Hong Kong.
The SCMP deal comes at a time when global media companies including The New York Times and the Financial Times are keen to explore new profit streams and further digitalize their content and business. This comes as print circulations continue to decline worldwide due to changing patterns of consumption in line with rising smartphone adoption and other technological innovations.
“This acquisition [of MyDress] underpins the SCMP Group’s determination to fortify its digital development growth thrust,” said Robin Hu, CEO of SCMP Group.
