Singapore-based iFashion Group has acquired lifestyle marketplace Megafash for $2.23 million. The deal which was the former’s fourth acquisition till date took place in cash and shares.
Also, the group has designated Jeremy Khoo, the CEO, and founder of Dressabelle, as its new CEO. Dressabelle is an O2O fashion marketplace that iFashion took over few months before for $5.5 million.
Megafash, initially, commenced as a fashion-focused platform, but later extended its services to include lifestyle and design products. It exhibits a strong online as well as offline presence, with its 7 stores spread across more than 15,000 sq ft.
The lifestyle item online store works with over 2,000 indie brands globally offering 300,000 unique products on its platform.
In 2016, Megafash’s annualized revenue was noted to be $5.7 million and currently operates in Singapore, Indonesia, and Thailand.
The acquisition will enable iFashion Group to further strengthen its position as a major lifestyle portal in Southeast Asia. It also gives a push to iFashion’s plan to go public. The official release states that the company is gearing up for an IPO at the end of April or May.
Jiawen Ngeow, CEO, and Co-Founder, Megafash, in an official press release, said,
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.
iFashion’s offers mentorship, marketing, logistics, warehousing, sales, fulfillment, and financial services for online entrepreneurs who aim to grow their respective businesses and widen user base. Prior to acquiring Dressabelle, iFashion Group had bought online retail real estate booking platform INVADE, and Malaysian fashion brand NOSE.