GigaMedia Ltd. (Nasdaq: GIGM), an online games and computing services provider, has agreed to acquire a 70 percent stake in e-commerce company Strawberry Cosmetics Holding Ltd. for $93.1 million.
Strawberry Cosmetics is an online retailer of more than 700 brands of beauty products through the company's website StrawberryNET.com.
Taipei, Taiwan-based GigaMedia hopes to leverage Strawberry's expertise in information technology and online marketing, as well as its reach in various Asian countries including China, Japan and South Korea.
Strawberry Cosmetics says its consolidated sales revenues over the past four years is more than $200 million. The company expects the deal with GigaMedia to close in the third quarter.
The deal was announced just as major corporations, such as Unilever (NYSE: UL) and Coty Inc. announced deals of their own.
Unilever recently bought Los Angeles-based brand Kate Somerville Skincare LLC from JH Partners LLC, and followed up with Carson, California-based skin care company Dermalogica. Coty, a maker of fragrances, nail polish and skin lotions, reached a $12 billion agreement with Procter & Gamble Co. to acquire beauty products that had been put up for sale.