Reebonz, a flash sales site dealing in high-end designer brands, raised $40 million in new investment funds from MediaCorp, one of Singapore’s largest media companies, CBN Daily reported.

It is the first time that MediaCorp has poured capital into an online shopping site. Reebonz was launched in 2009, providing service in China, South Korea, and other countries throughout southern Asia and other countries in the Pacific region. Along with the new investment capital, Reebonz raised $80 million in total, bringing its current overall value at $200 million.

The e-commerce market has great potential in the Asia-Pacific region. The strong competitive edge of the online retailer was the main reason MediaCorp invested in Reebonz.

According to statistics from eMarketer, transactions on the B2C (business-to-consumer) market will hit $1,300 billion which will account for 34 percent of that market worldwide. China is one of the largest emerging powers in the Asia-Pacific region, its B2C market has seen rapid development, reaching 133.12 billion yuan ($21.67 billion) in Q1 this year, up 96.3 percent year-on-year.

In fact, its model for online flash sales was initially taken by Vente-privee.com, a French e-commerce company that sales luxury designer brands only to members at discounted prices. At present, other than Reebonz, this kind of member-only shopping website is quite popular in China, which also includes online retailers such as Vipshop, Glamour-Sales, and Shangpin.com which has already raised $70 million.

The e-commerce market in China is changing fast and has been characterized by fierce competition. It was within this intense competitive environment that Reebonz mapped out an effective way to raise its level of localization by cooperating with domestic companies. On November 11, 2012, Reebonz first worked with Tianmao, the biggest player in China’s B2C market, and set off a massive promotions push. The promotion was called “Nov. 11 Event” by consumers. On that day almost all of its products were on sale with large discounts. Reebonz was no exception which offered a 60% discount on its items. The Reebonz promotion was well-received by Chinese consumers in a shockingly short amount of time.

There is no doubt that Reebonz’s development can help MediaCorp tap into the Asia-Pacific region.