Bucketplace, the operator of South Korea’s dominant home design platform OHouse, announced it has signed a deal to acquire Singapore-based online furniture commerce platform HipVan to pave its way into the Asian market.
Launched in 2013, HipVan is Singapore’s top online furniture retailer that offers a wide selection of high-quality, affordable products. HipVan also operates a large showcase store at one of the largest shopping centers in Singapore to blend in online and offline marketing, which allows the company to record a solid growth rate of 30 percent each year. Financial terms were not disclosed.
With the latest acquisition deal, Bucketplace can tap the waters in the Asian market leveraging on the experience accumulated by the Singaporean e-commerce platform in the South East Asian market, explained Lee Seung-jae, CEO of Bucketplace.
Bucketplace is the operator of Ohouse, Korea’s No.1 social media-based lifestyle platform offering one-stop home makeover services from online-to-offline (O2O) renovation, e-commerce, delivery and remodeling. It has accumulated 20 million downloads with monthly gross merchandise value amounting to 150 billion won ($126.1 million) and cumulative merchandise value over 2 trillion won.
By Woo Soo-min and Lee Soo-min
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