Packer buys into booming online brands…

Packer buys into booming online brands…

James Packer has bought a 40% stake into group buying website CatchOfTheDay.

Brothers Gabby and Hezi Leibovich, founders of CatchOfTheDay, will retain a controlling interest in the company, which now has a valuation of $200 million based on the investment.

“Unlike many other players in the market, the team’s proven experience in building profitable e-commerce businesses means they have the skills, supplier networks and economies of scale to keep growing and leading the market,” said Packer in a statement.

Packer’s media investment firm, Consolidated Press Holdings, teamed up with Andrew Bassat, CEO of Seek, and Glenn Poswell, founder of Gannet Capital, along with Tiger Global Management to acquire the $80 million stake.

“It is still early days in Australia when it comes to online retail and to support our next phase of growth we were open to overseas investors who could share a different perspective into the online retail market, as well as bring new skills, advice and contacts to further our growth and expansion,” said Gabby Leibovich in an interview with Australian media.

Keep an eye out for these dynamic brothers, they are another excellent example of Aussie entrepreneurship.

The ImageMaker
The ImageMaker
The ImageMaker is a blog that provides short, succinct articles reviewing the key editorial, commentary and opinion pieces in the major international news outlets each week with specialised commentary from an image / brand management and entrepreneurship perspective. Our coverage ranges from front-page news, to Business, Economy, Tech & Science, Life & Culture and anything else that we see fit to comment on. The ImageMaker is also a place for dialogue - we feel that news services today should be interactive and should involve readers. That’s why we offer a prominent space on every page for our regular readers, for up-and-coming players in politics, business, sport or entertainment, and for people who find themselves in interesting places at interesting times, to share their views. Stay informed, and save time.
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