iFashion officially announces Invade acquisition, for US$1.1mil
By Digital News Asia April 28, 2016
- Invade marketplace allows physical retail space to be booked
- iFashion to continue its plan of acquiring other leading brands
SINGAPORE-based iFashion Group has officially announced its acquisition of Invade Industry, which it had told Digital News Asia (DNA) last week, and now has also disclosed it was for S$1.5 million (US$1.1 million), in a combination of cash and shares.
Invade (pic above), also based in Singapore, operates a platform that allows retail space to be booked on a real-time basis.
In a statement, iFashion said that not only was Invade the first such online platform in Singapore, but that is the market leader in the city-state, with a growing database of over 35,000 users, comprising online and physical retailers.
The landlord gets to fill short‐term spaces and tenants get to view and book commercial spaces.
Under its Space Invasion by Invade arm, the company also manages pop-up retail stores that offer lifestyle items aimed at younger consumers, in prime locations such as Lucky Plaza, 112 Katong, and Triple One Somerset.
Meanwhile, Fleawhere by Invade organises flea markets.
“This is an exciting time for Invade,” said its cofounder Koh Cheng Guan. “Our shoppers and merchants will be connected to a wider range of brands under iFashion Group.”
“Our focus is to become the largest retail‐space e‐marketplace in Singapore,” he added.
The acquisition will also benefit iFashion’s online retailers, who will now have easy access to a brick-and-mortar presence.
“This venture brings about the mutual sharing of experience and knowledge between the two companies,” said iFashion Group managing director Jeneen Goh.
“By joining the iFashion Group, Invade will benefit from resources such as access to capital, and corporate resources from an experienced entrepreneurial team.
“In return, we would gain from Invade’s vast exposure to the commercial property market,” she added.
With the acquisition of Invade now done and dusted, iFashion said it would continue its plan of acquiring other leading brands in the region to reach its goal of becoming the largest online fashion and lifestyle group in South-East Asia.
This would include companies in other segments, from offline to online, such as fast‐moving fashion, luxury products, and second‐hand markets.
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