The Ayala group has acquired a 49-per cent stake in the country’s leading e-commerce platform Zalora Philippines from Global Fashion Group (GFG). Ayala through its wholly-owned subsidiary, AC Ventures Holding will invest in Zalora Philippines alongside wholly-owned subsidiaries Ayala Land, Bank of the Philippine Islands and Globe Telecom.
GFG has announced the transfer of the shares in Zalora to the country’s oldest business house, according to Philippine media reports.The Ayala group has acquired a 49-per cent stake in the country's leading e-commerce platform Zalora Philippines from Global Fashion Group (GFG). Ayala through its wholly-owned subsidiary, AC Ventures Holding will invest in Zalora Philippines alongside wholly-owned subsidiaries Ayala Land, Bank of the Philippine Islands and Globe Telecom.#
“This acquisition allows Ayala to capture the growing opportunities in e-commerce,” Ayala said.
More than 1,000 international, local and private-label fashion brands are currently available on Zalora Philippines, including Mango, Abercrombie & Fitch, Boss, Calvin Klein and popular local brands such as Bench, CLN and Penshoppe, the reports said.
“This partnership will allow Zalora Philippines to keep investing in brand acquisition, marketing, and logistics infrastructure and will leverage Ayala’s key businesses representing some of the country’s leading companies in banking, telecommunications and retail business,” CFG said. (SV)
Fibre2Fashion News Desk – India
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