Fashion
Ayala Corporation has stepped into eCommerce by acquiring a 49 per cent stake in BF Jade E-Service Philippines, which owns and runs fashion platform Zalora Philippines.
The conglomerate has announced it is buying 43.3 per cent of BF Jade, while in a separate disclosure Ayala Land says it will own 1.91 per cent. BPI Capital Corporation and Kickstart Ventures also acquired minority stakes in BF-Jade. BPI and Kickstart are wholly owned subsidiaries of BPI and Globe Telecom respectively.
Ayala’s involvement is part of its strategy to invest in new disruptive businesses offering innovation to evolving markets, the conglomerate says.
“This investment demonstrates how we at Ayala look at innovation and growth opportunities,” says chairman/CEO Jaime Augusto Zobel de Ayala.
“We see the potential of eCommerce in the country, and believe the Ayala group can benefit and add tremendous value to Zalora. With resources in banking, real estate and telecommunications, the investment presents new opportunities for Ayala to generate synergies throughout the eCommerce value chain.”
Zalora Philippines was co-founded in 2012 as part of the global network of the Zalora Group, which is 100 per cent owned by the Global Fashion Group.
