Singapore’s iFashion Group buys Invade to expand into retail space booking

Photo credit: Pixabay.

Singapore’s online collaborative venture platform iFashion Group announced today it has acquired Invade, a retail space booking platform, for over US$1 million (S$1.5 million). The transaction was made up of cash and shares.

The move comes just a month after iFashion raised a US$736,000 seed round from venture capital fund Rimu Group for its own operations. The company works with online fashion retailers with proven market traction that are trying to grow. Managing director Jeneen Goh explains how the business works: “We use a roll-up strategy to aggregate these online retailers via mergers and acquisitions to create synergy among them.”

Brands that come under iFashion receive a range of services, including mentorship, marketing, logistics, warehousing, sales, fulfilment, and financial.

iFashion aims to become the largest online fashion and lifestyle group in Southeast Asia, encompassing varied market segments such as O2O (online-to-offline), fast fashion, luxury, and the second-hand market. Invade makes sense as a first step toward achieving this goal.

Invade matches businesses with landlords offering both short- and long-term commercial leases. The businesses can book retail spaces on Invade in real-time.

Apart from that, Invade also manages retail stores, which offer lifestyle items in prime locations across Singapore such as Lucky Plaza, 112 Katong, and Triple One Somerset. It also organizes flea markets.

Heading to IPO

“This venture brings about mutual sharing of experience and knowledge between the two companies. By joining the iFashion Group, Invade will benefit from resources such as access to capital from an experienced entrepreneurial team. In return, we would gain from Invade’s vast exposure to the commercial property market,” says Jeneen.

Invade will probably be the first in a string of acquisitions by the firm, she notes, as it plans to debut on the Australian Stock Exchange (ASX) early next year. iFashion is also backed by Singapore-based startup investment company Fatfish Group, which listed on the ASX in 2014.

Converted from Singaporean dollars. Rate: US$1 = S$1.35