iFashion Group acquires Megafash for US$2.48mil
By Digital News Asia February 9, 2017
- iFashion now has four lifestyle and fashion brands under its umbrella
- Group plans to go for listing sometime in April or May this year
IFASHION Group, a Southeast Asian online fashion and lifestyle group acquired Megafash, a Singaporean lifestyle marketplace for S$3.15 million (US$2.48 million), in a cash and shares deal.
Less than two years since its launch in December 2015, Megafash has established itself as a lifestyle brands in Singapore with a strong presence in both the physical and e-commerce platforms. It has seven stores operating in more than 15,000 sq. ft. of retail space, an international following and operations in Indonesia and Thailand.
Megafash works with more than 2,000 indie brands from all over the world with 30% of their in-store brands being sold exclusively at Megafash.
The company posted an annualised revenue of S$8 million for 2016.
By joining the iFashion Group, Megafash will expand the group’s product offering to include lifestyle products. This acquisition strengthens iFashion’s portfolio and paves the way towards an IPO in April or May this year.
Megafash CEO and co-founder, Jiawen Ngeow said, “It’s an exciting time for us at Megafash. The brand has grown significantly, from three stores in 2015 to seven stores currently. In times of economic downtown, we are pleased to say that our revenue grew five times from 2015. As part of the expansion plans, we are looking to expand our operations overseas and to double our retail outlets in Singapore.”
With the acquisition of Megafash, iFashion marks their expansion into the lifestyle sector, bringing them one step closer to becoming a leading online fashion and lifestyle retailer in Southeast Asia. The iFashion group will now have four brands -- Megafash, INVADE, Dressabelle and NOSE -- under its umbrella.
Dressabelle and Megafash shares common functions and enjoy economies of scale such as logistics services, accounting, marketing functions and preferred rental rates at retail malls. INVADE, provides opportunities for the brands to secure locations for pop-up spaces, flea markets, and permanent retail spaces.
Together with this acquisition, iFashion Group also appointed Dressabelle’s Jeremy Khoo as the new CEO. He will be responsible for driving the company to the next level, building on the foundation and momentum achieved by iFashion Group’s management team under its founders and directors, Lau Kin-Wai and Douglas Gan.
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