Tag: USD

  • Aegis Media appoints Alex Crowther to head General Motors’ biz

    Aegis Media appoints Alex Crowther to head General Motors’ biz

    BENGALURU: Aegis-owned media agency, Carat — a media communications specialist and a player in digital and diversified media solutions, has appointed Alex Crowther, former CEO of MediaCom Asia Pacific as Global Client President, effective immediately.

    Crowther, in this role, will be responsible for leading the General Motors business and continuing Carat’s track record of global success in managing the USD 300 crores global account.

    “Alex is the perfect person to lead the continued momentum and growth of General Motors’ global business for us,” said Aegis Media Americas & EMEA CEO Nigel Morris. “He’s a rare talent who brings extensive global experience and a proven track record working with major global brands across categories, but specifically with automotive. He has the entrepreneurial spirit and drive to find innovative ways to drive GM’s business forward in today’s convergent media landscape.”

    Crowther returns to Carat, where he once worked at Carat International, after a 19-year hiatus, and brings 26 years of global experience in the media industry. Prior to Carat, Alex was CEO Asia Pacific for the global media network MediaCom, part of WPP’s GroupM, sitting on the Asia Pacific board of GroupM and global board of MediaCom. During his first three years at MediaCom, Alex helped to double to size and scale of the business in Asia Pacific by winning multiple Proctor & Gamble country assignments, Coca-Cola in several territories and many other globally recognised brands.

    Morris continued, “Steven has been part of the Carat GM leadership team since the onset of our relationship, helping to open Carat’s office and global hub for the GM partnership in Detroit. He led the successful transition of Carat’s GM business across more than 70 markets and will move on to do more great things for other global and U.S. clients across our network.”

    Prior to MediaCom, Alex served as President/CEO Americas and Asia Pacific of integrated communications network Davinci, a part of Omnicom. Based in the US — much of it in Detroit, he was President/CEO Americas and Asia Pacific and as co-founder was instrumental in the company’s rapid growth from a standing start to a presence in more than 60 markets in seven years. During his time at Davinci, the agency managed the global media for Chrysler and Mercedes Benz as well as Mitsubishi Motors in North America.

    “Automotive has always been a passion of mine and a cornerstone in my career, so it only makes sense that I return to Detroit, especially to work at a global-leading media agency that is consistently ranked as the number 1 network by RECMA. Carat is the only network that truly understands convergence and is redefining the value of media to create better business value. I can’t wait to get started,” said Crowther.

    Crowther replaces Steven Feuling, who will be relocating to San Francisco and assuming a new role at Carat. During Feuling’s tenure as Global Client President for GM, Carat helped GM achieve significant gains from both a consumer and business perspective, including Interbrand naming Chevrolet as one the Top 100 Global Brands in 2013.

  • GS Home Shopping Leads Funding Round in HomeShop18 Company Raises USD 14 Million of Growth Capital

    GS Home Shopping Leads Funding Round in HomeShop18 Company Raises USD 14 Million of Growth Capital

    NEW DELHI: HomeShop18, India’s leading virtual commerce business, announced that it has closed a USD14 million follow-on funding round with GS Home Shopping (GS), funds managed by OCP Asia Ltd. (OCP Asia) & Network18. GS will invest USD 11 Million; OCP Asia & Network18 will invest the remaining amount. The transaction values HomeShop18 at USD 360 Million.

    Network18 will remain the majority shareholder (51%) in HomeShop18. SAIF Partners, GS Home Shopping and OCP Asia are the other existing investors at HomeShop18. GS is the third largest Home Shopping company in the world and the market leader in Korea.

    HomeShop18 launched India’s first 24 hour Home Shopping TV channel in 2008. Today, it provides an integrated virtual shopping experience on Internet, Television and Mobile through HomeShop18.com and the 24×7 TV channel. Since inception, HomeShop18 has acquired a customer base of 7.5 Million. It has built an impressive portfolio of over 12 million SKUs across multiple product categories and a logistical reach of over 3,000 locations across India. Homeshop18 is one of India’s fastest growing virtual commerce companies with revenues having more than doubled over the last year.

    Announcing the transaction, Sundeep Malhotra, CEO, HomeShop18 said, “This round marks an inflexion point for the business as the company rapidly moves towards profitability while continuing to scale up revenues. It is gratifying to see the vote of confidence in our business model from GS and the continued support of OCP and our Promoter, Network18.”

    Huh Tae Soo, CEO and President, GS Home Shopping said, “We are delighted to invest further in HomeShop18, India’s leading virtual commerce company. We believe that HomeShop18 is well positioned to capitalize on the Indian consumer opportunity and we look forward to supporting the company with our global experience. “

    Raghav Bahl, Managing Director, Network18 said that, “We are pleased to see that the business continues to grow strongly and that profitability is firmly on the horizon. A significant amount of value has already been built in the business and we are very excited about future prospects as the business continues to scale rapidly. GS has been a great partner in generously sharing their unique insights and expertise to help grow the business. We look forward to their continued support.”

    BMR Advisors acted as transaction advisors to the company.