The Australian e-commerce entrepreneur who has bought Dick Smith's intellectual property is promising to rebuild consumer trust damaged by the company's collapse.

LISTEN ABOVE: Larry Williams talks to Sue Mitchell of the Australian Financial Review on Dick Smith IP purchase

Customers with vouchers and deposits lost them when the company caved in January.

Millionaire Ruslan Kogan wants to open Dick Smith as an online-only retailer, now that he's bought the company's customer and loyalty database, websites and domain names from the receiver.

He owns Kogan.com and said ultimately, a brand grows when it delivers on its promises, and he's promising to work tirelessly to exceed the expectations of every Dick Smith customer

Kogan.com said customer information held by Dick Smith will be handled according to Australian and New Zealand privacy law during the change of ownership. Customers who provided their information after the appointment of receivers in January won't have that information disclosed to the new owners.

Kogan.com will operate Dick Smith's online business from the 1st of June.

32-year-old Ruslan Kogan founded Kogan.com in 2006 selling TVs online from the garage of his parents' house.

He is now worth around $315 million.