Photo credit: jeshoots.com.
Singapore-based online fashion group iFashion announced today it has snapped up clothing, accessories, and lifestyle item online store Megafash for US$2.5 million in cash and shares.
iFashion managing director Jeneen Goh previously told Tech in Asia that iFashion would pursue an IPO in the Australian Securities Exchange this year.
Megafash specializes in showcasing smaller, independent brands through a combination of online retail and physical stores. The startup has been operating in Singapore, Indonesia, and Thailand. It reports an estimated US$5.7 million in annual revenue for 2016. After the acquisition, it will continue under its own brand.
iFashion does not disclose how the US$2.5 million valuation for Megafash was reached.
Megafash co-founder Jeremy Khoo joins iFashion as CEO.
See: 14 popular ecommerce sites in Singapore
iFashion’s services include mentorship, marketing, logistics, warehousing, sales, fulfillment, and financial services for online entrepreneurs who want to reach a wider audience and grow their business.
The company styles itself after digital media and marketing network Yello Mobile. Similar to YM, iFashion has also been very active in the acquisition game, going after retail space booking platform Invade, fashion e-store Dressabelle, and Malaysian fashion brand Nose.
In March 2016 it raised seed funding worth US$736,000 from venture capital fund Rimu Group. It’s also backed by Singaporean startup investment company Fatfish Group. It has raised an undisclosed amount in additional funding from internal shareholders but the company does not reveal any more details.
See: Korea’s Yello Mobile raises $30m, valued at $4b and profitable
Update, 5pm SGT: The press release originally reported the deal value as US$2.2 million (S$3.15 million). It is actually US$2.5 million (S$3.5 million).
Update, 5:30pm SGT: Additional information from iFashion has been added.
Converted from Singapore dollars. US$1 = S$1.41
This post Singapore’s iFashion buys lifestyle brand Megafash for $2.5m appeared first on Tech in Asia.