iFashion Group reels in Megafash
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Singapore fashion and lifestyle platform iFashion Group has acquired independent designer brands marketplace Megafash in a S$3.15 million (US$2.23 million) cash-and-shares deal.
This follows iFashion’s purchase of lifestyle and fashion brands Dressabelle and Nose, as well as real-estate booking platform Invade.
Megafash was launched in December 2015 with an eCommerce platform and three stores, and now has more than 15,000 sqft (1393.5 sqm) of retail space across seven stores. It also has a presence in Indonesia and Thailand and stocks more than 2000 international indie brands, with 30 per cent of its in-store brands being exclusive.
Its annual revenue last year was reported to be $8 million.
“In times of economic downturn, we are pleased to say our revenue grew five times from 2015,” says Megafash CEO/co-founder Jiawen Ngeow. “In December we received as many as 2000 orders a day.”
iFashion has appointed Dressabelle CEO/founder Jeremy Khoo as new CEO, who will be responsible for driving the company to the next level.
“Our acquisition of Megafash completes our line-up of brands for our IPO,” says iFashion Group VP of corporate affairs Jeneen Goh. The company is looking at going public at the end of April or May.
Questions & Answers
Q.What was the reported annual revenue for Megafash last year?
What was the reported annual revenue for Megafash last year?
Megafash's annual revenue last year was reported to be $8 million. The company's CEO stated that their revenue grew five times from 2015.
Q.Who will be the new CEO of Megafash following the acquisition?
Who will be the new CEO of Megafash following the acquisition?
iFashion has appointed Jeremy Khoo, the CEO and founder of Dressabelle, as the new CEO. He will be responsible for driving the company's future growth.
Q.When is iFashion Group planning to go public?
When is iFashion Group planning to go public?
iFashion Group is looking at going public towards the end of April or May. The acquisition of Megafash is noted as completing their line-up of brands for the IPO.
Q.How much retail space does Megafash currently operate?
How much retail space does Megafash currently operate?
Megafash currently operates more than 15,000 square feet (1393.5 square metres) of retail space across its seven stores. It also has a presence in Indonesia and Thailand.
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