Fashion
Central Group is set to buy Zalora’s businesses in Thailand and Vietnam, according to reports.
Zalora is a fashion-focused e-commerce site.
Central Group’s assets, which include multiple shopping malls and national department store chains, are worth close to $10 billion and it employs some 70,000 people.
The deal to buy the country businesses from Zalora will cost Central Group around $10 million each, reported TechCrunch.
Sources close to Zalora suggest that the company is selling the businesses in an effort to streamline its costs and move towards becoming profitable.
Even though Zalora was only started four years ago, the company claims 10 million people have downloaded its mobile apps and the company makes 1.4 million transactions per year across 10 countries in Asia-Pacific.
