We are excited to be on this venture together with Dressabelle. We believe that this acquisition strengthens the group as a whole by reinforcing the good synergy between the brands under our group. said iFashion Group Managing Director Jeneen Goh.
The group is working for an IPO on the Australian Stock Exchange (ASX) next year and hence is aggressively working on its Mergers and Acquisitions deals across Southeast Asia. In the official statement, it also signals more such transactions with other smaller brands and businesses in the near future with Dressabelle acting as a significant asset. Claiming to be Singapore’s first B2B venture platform for the online fashion industry, iFashion group acquired INVADE, an online retail real estate booking platform for US$1.1 million in April this year. Dressabelle CEO and Founder Jeremy Khoo explained following the deal the platform plans more frequent collection launches, a wider variety of items and collaborations with other brands.
It is a great platform for us to continue to strengthen Dressabelle’s position as a regional e-commerce fast fashion label. We look forward to bigger and better things on the horizon for iFashion and Dressabelle. Khoo further commented.
Expanding across Southeast Asia, Dressabelle currently operates in Singapore, Indonesia, Malaysia and has an annual revenue run rate of US$2.4 million. The online portion of this O2O platform works like a standard e-commerce platform but offers a unique one-day alteration service. iFashion Group raised US$735K from Rimu Group in March and is backed by corporate venture builder Fatfish Internet Group. iFashion aims to up tick collaboration and resource-sharing within businesses in the online fashion and lifestyle industry in Southeast Asia.