US tech firm relaunches Leflair in Vietnam to boost branded shopping

US tech firm Society Pass announced today it has officially relaunched the Leflair brand in Vietnam to capitalize on growing demand from Vietnamese consumers for branded shopping.

Photo credit: Leflair

Society Pass, which is incorporated in Nevada, purchased the Leflair brand earlier this year.

Leflair was founded in 2015 to provide luxury fashion brands and beauty products at low prices. The startup raised US$12 million from investors but closed in 2020 due to a capital crunch and operational issues.

Tech in Asia previously chronicled the fall of Leflair in this report.

Along with the relaunch of Leflair, Society Pass also announced it has closed a series C funding round but did not disclose further details.

Society Pass recently filed to raise US$17 million in the US. According to its registration statement, the company’s revenue in the first half of this year was about US$17,000 while incurring a net loss of US$4.2 million.

Founded in 2018 by Dennis Nguyen, its business has been primarily focused on Vietnam so far. However, the company plans to acquire and operate ecommerce platforms in Southeast Asia focusing on lifestyle and food and beverage.

In the country, Society Pass runs two platforms: SoPa, which offers online food ordering and a rewards scheme, and Hottab, a point-of-sale service provider specializing in payment infrastructure, loyalty management, and joint marketing programs for merchants.

Since 2019, Society Pass says it has amassed over 1.5 million registered users and over 3,500 registered merchants and brands.

In a media statement, the company notes that the new funding will be used to accelerate its mergers and acquisitions activities in Vietnam, Indonesia, and the Philippines, with a number of deals already in the pipeline for 2021.