Singapore Post has announced the acquisition of a 30% stake in Indo Trans Logistics to gain afoothold in Vietnam and the Indo-China region and also launched an e-commerce portal ‘Clout Shoppe’
offering luxury products at affordable prices.The 30% stake will cost US$10.8 million. Incorporated in Vietnam, ITL offers integratedlogistics solutions with businesses in air and sea freight forwarding, third-party logisticssolutions and distribution as well as a general sales agency for airlines. Operational since 1999,ITL has offices in key cities in Vietnam.
Dr Wolfgang Baier, SingPost’s Chief Executive Officer (International), commented: “I am excitedwith this strategic investment in ITL which gives us a foothold into Vietnam and the Indo-Chinaregion which are emerging markets with significant logistics and related opportunities.”
“SingPost has stepped up its efforts to transform and grow and we have been actively pursuinggrowth beyond our mail business and expanding into the region. We want to grow our overseas revenueand achieve a more balanced portfolio with bigger contributions from non-mail businesses. Clearly,our key growth drivers will be in the areas of logistics and e-commerce.”
As part of its growth strategy, SingPost made several major acquisitions in the past todiversify its revenue base and expand its business beyond Singapore shores. These include itswholly- owned subsidiaries Quantium Solutions, a mail-logistics solutions provider operating out of10 countries in Asia Pacific and DataPost Pte Ltd, a hybrid mail business with presence in 5countries. In addition, the company acquired a 27.08% stake in GDEX Express, a leading expresscarrier service provider in Malaysia. In 2009, SingPost took over a 30% stake in Postea Inc, a USincorporated technology company specialising in technology solutions for the postal and logisticsindustry.
Meanwhile, SingPost is offering online shoppers looking for luxury goods a new platform wherethey can purchase trendy and most elite brands and fashion labels at competitive prices. CloutShoppe (previously SuperToken) is an online luxury store that SingPost acquired in February thisyear with a 95% stake to grow its e-commerce business. The website cloutshoppe.com is targeted atconsumers who appreciate value shopping for new luxury and designer goods without having to pay ahigh price.
The key highlights of Clout Shoppe are its “time limited” private sales feature and exclusiveaccess to brands which are unique or unavailable elsewhere in Singapore. With private sales,members have access to international designer brands such as Prada, Miu Miu, Fendi, Gucci, BottegaVeneta and Jimmy Choo at extremely competitive prices for a 3-4 days window. Clout membership isfree and registration is simple.
