iFashion Group, a company invested in by Fatfish Internet Group (ASX:FFG), announced its acquisition of Megafash, Singapore’s prime lifestyle marketplace for SGD3.5 million in cash and shares.
In a disclosure to the Australian Securities Exchange (ASX), Fatfish said the acquisition will not only strengthen iFashion’s portfolio and pave the way to securing and initial public offering, it will also bring the company one step closer to becoming Southeast Asia’s leading online fashion retailer.
Less than two years since its launch in December 2015, Megafash has established itself as one of the most prominent and respected lifestyle brands in Singapore.
Megafash has a strong presence in both physical and ecommerce platform, with 7 stores operating in more than 15,000 sq. ft. of retail space, a strong international following and operations in Indonesia and Thailand.
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Despite having more than 300,000 unique products in their stores, Megafash maintains their standard as a curated marketplace by ensuring that every product is in line with their vision to surprise, delight and excite the consumers.
Megafash Works with Brands Around the World
Megafash works with more than 2,000 indie brands from all over the world, in fact, 30% of their in-store brands are sold exclusively at Megafash.
Megafash continues to generate profit and revenue even in trying times. Their annualised revenue for 2016 is reported to be S$ 8 million.
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 in securing an IPO.
“It’s an exciting time for us at Megafash. The brand has grown significantly in 2016, our revenue grew five times from 2015. Megafash continues to grow as Singapore’s leading lifestyle marketplace. In fact, in December we received as many as 2,000 orders a day. As part of the expansion plans, we are looking to expand our operations overseas and to double our retail outlets in Singapore,” Megafash’s CEO and Co-Founder, Jiawen Ngeow said.
Acquisition Marks iFashion’s Expansion into Lifestyle Sector
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.
Moreover, the four brands (Megafash, INVADE, Dressabelle and NOSE) under the iFashion Group works in great synergy.
iFashion Group also appoints Dressabelle’s Jeremy Khoo as the new Group CEO. Jeremy will be responsible for driving the company to the next level, building on the foundation and momentum achieved by iFashion Group last 18 months.
“I’m excited to have Megafash joining the growing iFashion Group. The Megafash team performed tremendously well last year. iFashion is growing in strength and talent pool and we’re moving towards our goal of becoming Southeast Asia’s leading online fashion retailer rapidly. I’m very pleased with the integration of assets and brands within the group,” said Jeremy. – BusinessNewsAsia.com