Nadine Freischlad · · 1 min readiFashion acquires Malaysia’s answer to Charles & Keith
Singapore’s iFashion group has acquired Nose, a Malaysian fashion brand that produces women’s shoes and handbags, for US$3.7 million in cash and shares. Nose is kind of like popular Singapore-born chain Charles & Keith.
A statement released today says Nose has 10 physical stores in major shopping malls. It sells online through partnerships with online marketplaces across Southeast Asia, such as Zalora.
For iFashion, this is the latest in a string of acquisitions.
Just last month, it purchased Singaporean fashion e-tailer Dressabelle for US$5.5 million. In April it bought retail space booking site Invade for US$1 million.
iFashion’s aim is to aggregate businesses across Southeast Asia via mergers and acquisitions to eventually create a unified platform under its brand. It has all these resources because iFashion itself is part of Fatfish, an ASX-listed company builder, like a smaller version of Rocket Internet.
In a previous interview, iFashion managing director Jeneen Goh told Tech in Asia that the company is looking into a listing on the Australian Securities Exchange early next year.
Converted from Singapore dollar. Rate: S$1 = US$0.74.
Editing by Terence Lee and Steven Millward
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