Photo credit: jeshoots.com.
Singapore-based online fashion group iFashion announced today it has snapped up clothing, accessories, and lifestyle item online store Megafash for US$2.2 million in cash and shares.
iFashion managing director Jeneen Goh previously told Tech in Asia that iFashion would pursue an IPO in the Australian Securities Exchange this year.
Megafash specializes in showcasing smaller, independent brands through a combination of online retail and physical stores. The startup has been operating in Singapore, Indonesia, and Thailand. It reports US$5.7 million in annual revenue for 2016.
Tech in Asia has reached out to iFashion for comments, specifically on how it arrived at the valuation of Megafash.
See: 14 popular ecommerce sites in Singapore
iFashion’s services include mentorship, marketing, logistics, warehousing, sales, fulfillment, and financial services for online entrepreneurs who want to reach a wider audience and grow their business.
The company styles itself after digital media and marketing network Yello Mobile. Similar to YM, iFashion has also been very active in the acquisition game, going after retail space booking platform Invade, fashion e-store Dressabelle, and Malaysian fashion brand Nose.
In March 2016 it raised seed funding worth US$736,000 from venture capital fund Rimu Group. It’s also backed by Singaporean startup investment company Fatfish Group.
Converted from Singapore dollars. US$1 = S$1.41
This post Singapore’s iFashion buys lifestyle brand Megafash for $2.2m appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/ifashion-megafash-acquisition
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