Singapore’s iFashion acquires e-store Dressabelle for $5m

Photo credit: jeshoots.com.

Singaporean online fashion platform iFashion has acquired fashion e-store Dressabelle, the company announced today. Dressabelle was bought for US$5.5 million. iFashion does not disclose how much of the transaction was in cash and how much in shares, saying only it was a combination of the two.

(Update, 21/7: This story has been updated with comments from iFashion managing director Jeneen Goh.)

“Dressabelle is one of the largest online fashion stores in Singapore with presence in the Indonesian and Malaysian markets,” iFashion managing director Jeneen Goh tells Tech in Asia. “They [will] play a significant role in our roll-up strategy with their revenue numbers and will add value to the group with their experience in the online business.”

iFashion provides a range of services to online entrepreneurs who want to reach a wider audience and grow their business. This can include mentorship, marketing, logistics, warehousing, sales, fulfillment, and financial services.

The company, which raised seed funding in March, says it models itself on digital media and marketing network Yello Mobile – and that includes the South Korean company’s aggressive acquisition strategy.

iFashion’s previous acquisition this year was retail space booking platform Invade in April, for over US$1 million in cash and shares.

As part of iFashion, Dressabelle will offer more products and collaborate with other brands in its stable, according to CEO and founder Jeremy Khoo. “Online shoppers can expect more frequent collection launches, a wider selection of clothes and exciting collaborations with other brands under iFashion group,” he says in a statement.

Jeneen says that Dressabelle will continue under its own brand for now. “We are looking to merge common key functions such as logistics, accounting, marketing, and integrating the brands,” she explains. The company foresees “some changes in Dressabelle’s staff in the near future,” but does not elaborate.

In the long term, though, iFashion hopes to create a single platform under its brand.

Singapore-based Dressabelle’s last undisclosed external funding was a series A round worth US$750,000. Singapore-based startup investment company Fatfish Group, which backs iFashion, invested in Dressabelle for a 15 percent stake in 2013.

Jeneen had previously told Tech in Asia that the company is looking into a string of acquisitions before a planned listing on the Australian Securities Exchange early next year. That is still the case, with the company targeting two more brands in the next few months. It doesn’t reveal more details, but its IPO plans continue apace.

Converted from Singapore dollars. US$1 = S$1.35