iMedia, a digital media group from Malaysia, has just acquired beauty e-commerce platform and influencer marketing company, Favful.
iMedia's acquisition of Favful is the company's 6th acquisition over the past 12 months.
- Catcha Group-backed iMedia has just acquired a 100% stake in Favful.
- Upon the acquisition, all of Favful's social media and digital assets will be merged into iMedia's ecosystem.
- iMedia was founded in July 2020, and currently provides a wide range of marketing services to larger brands.
Why It Matters
- Besides Favful, iMedia acquired 5 other companies over the past 12 months: OhMedia, Ittify, Goody25, BeauitfulNara, and Moretify.
- Favful on the other hand, has grown into a trusted community marketplace over the past 6 years, housing more than 3,000 beauty and lifestyle influencers with an estimated social media reach of more than 140 million people.
- According to iMedia, the acquisition is one of the company’s key strategies for growth, and the group's first entry into the commerce business.
- iMedia's network of digital assets now reaches over 15 million Malaysians every month, and is expected to generate $724,000 in net profit for 2021.