iFashion Group acquires lifestyle marketplace Megafash
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Singapore-based lifestyle venture platform, iFashion Group, announced today it has acquired Singaporean independent designer brands marketplace Megafash for S$3.5 million (US$2.23 million), in a cash and shares deal.
iFashion group also appointed Jeremy Khoo, the CEO and founder of Dressabelle – an O2O fashion marketplace that it acquired last year for S$7.5 million (US$5.5 million) – as its new CEO.
This new development will strengthen iFashion Group’s position as a major lifestyle portal in Southeast Asia. Megafash has both a strong online and offline presence, with its 7 stores occupying over 15,000 sq ft. It works with over 2,000 indie brands globally to sell over 300,000 unique products on its marketplace. In 2016, Megafash’s annualised revenue was reported to be S$8 million (US$5.7 million).
“It’s an exciting time for us at Megafash. The brand has grown significantly, from 3 stores in 2015 to 7 stores currently. In times of economic downtown, we are pleased to say that 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,” said Megafash’s CEO and Co-Founder, Jiawen Ngeow, in an official press release.
The acquisition of Megafash will also accelerate iFashion Group’s plans to go public. A press release said that the company is mulling an IPO at the end of April or May.
Last year. besides Dressabelle, iFashion Group made two other acquisitions: online retail real estate booking platform INVADE, and Malaysian fashion brand NOSE.
Questions & Answers
Q.What was the reported annual revenue for Megafash in 2016?
What was the reported annual revenue for Megafash in 2016?
Megafash's annualised revenue in 2016 was reported to be S$8 million. Its CEO stated that revenue grew five times from 2015, and the company received up to 2,000 orders daily in December.
Q.How many physical stores does Megafash operate, and what is their total retail space?
How many physical stores does Megafash operate, and what is their total retail space?
Megafash currently operates 7 physical stores. These stores collectively occupy over 15,000 square feet of retail space. The company had grown from 3 stores in 2015.
Q.Who has been appointed as the new CEO of iFashion Group following this acquisition?
Who has been appointed as the new CEO of iFashion Group following this acquisition?
Jeremy Khoo has been appointed as iFashion Group's new CEO. He was previously the CEO and founder of Dressabelle, an O2O fashion marketplace that iFashion Group acquired last year.
Q.What other companies did iFashion Group acquire last year, besides Dressabelle?
What other companies did iFashion Group acquire last year, besides Dressabelle?
Last year, iFashion Group also acquired online retail real estate booking platform INVADE. Also, they purchased the Malaysian fashion brand NOSE, further expanding their portfolio of companies.
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