Media and advertising company APN, which owns the New Zealand Herald, has paid $A36 million ($NZ46m) for a controlling stake in online retail business brandsExclusive.
The online shopping club offered members premium clothing brands at discounted prices, APN said.
The website was launched in 2009 and is expected to generate $A70m in revenue in calendar 2012.
APN has bought an 82 percent stake in brandsExclusive for $A36m and would pay an additional $30m if 2013 earnings targets were met, it said on Thursday.
"This investment is a significant move towards repositioning APN for growth and will substantially ramp up our digital revenue and earnings trajectory," chief executive Brett Chenoweth said in a statement.
"We believe there is tremendous value to be unlocked in the global shift towards eCommerce which will be a core part of the digital media landscape in the future."
APN owns regional newspapers and radio stations across Australia and New Zealand, and has been hit by dwindling advertising revenue.
It posted a loss of $A45.1 million in 2011.
The company recently outlined its intention to expand its outdoor advertising business in an attempt to diversify its earnings.
NZN