Stefan Preston, chairman of Orion Ventures, the holding company for FlyingPig.co.nz, says the merger will help create long-term growth in the competitive international e-tailing market.
“FlyingPig.co.nz benefits from the merging of intellectual property and information technology which will keep us ahead in a rapidly developing industry. We’ll also be able to bring new and high-quality categories to the market more quickly,” says Preston.
Amazon has a shareholding in the expanded business, which Preston says “shows we are an attractive investment proposition for the world’s leading e-commerce site”.
Major shareholders in TheSpot include its co-chief executives Justin Punch and Allison Harrington and f2 Investments, the Fairfax Group’s IT investment vehicle.
Preston says TheSpot was selected as a business partner because of the overall complementary nature of its business. However, FlyingPig.co.nz extensively researched the Australian market and held discussions with other major e-tailers there.
Both FlyingPig.co.nz and TheSpot in Australia will retain their individual branding in their respective markets but merge their management resources and product categories. Daily operations remain separate in both countries.