Spoilt, a web shopping platform that sells vouchers for experience-focused activities, has acquired its biggest competitor Red Packet.
With Koziness’ competitor-acquisition last week, this makes 2 consolidations in the Hong Kong market in as many weeks.
The platforms offer packages such as wine making, scuba diving and spa days, so after joining forces – the new group now offers 300+ experiences in Hong Kong and around the region.
While Red Packet’s gifts were more tailored to corporate reward programs, Spoilt had a two-pronged approach with its ‘Experience Gifts’ and ‘Events’ sides – which focused more on event management and team building. After joining forces, the new group now offers 300+ experiences in Hong Kong and around the region.
Michelle Lam, the founder and managing director of Spoilt, gives a little insight on the merger. “On the B2B front, the team behind Red Packet brings an extensive background in corporate reward programs. Bobby Wong from Red Packet will be joining the Spoilt team as corporate sales director.”
According to Michelle, the deal brings together Spoilt’s strength in eCommerce within the experience voucher space and Red Packet’s retail distribution network. In the future, the joined companies will be able to offer a wider variety of corporate services for employee rewards and customer loyalty programs.
If you remember back in 2010, at our first Startup Saturday at Cyberport, Spoilt pitched alongside recent Google-acquisition Divide (then called Enterproid) look at how far they’ve both come!
The Spoilt-Red Packet union joins the growing list of Hong Kong acquisition stories in 2014. Who will be next?
- Fashion App ‘Viss’ Has Been Acquired By AID Partners
- Celebrity Social Network ‘AliveNotDead.com’ Has Been Acquired By Mig33
- Taxiwise Has Been Acquired By Liked-Minded Booking Platform IKKY
- Enterprise Tech Startup Divide Has Been Acquired By Google
- Online Food Ordering and Delivery Platform Koziness Concepts Acquires Hong Kong Competitors
Spoilt on Startbase.HK: Spoilt
Michelle Lam on Startbase.HK: Michelle Lam