iFashion Group plans to file for an IPO at the end of April/May. With the acquisition of Megafash, iFashion marks their expansion into the lifestyle sector, bringing them one step closer to becoming a leading online fashion and lifestyle retailer in Southeast Asia. Moreover, the four brands (Megafash, Invade, Dressabelle and Nose) under the iFashion Group work in great synergy.
iFashion Group has also appointed Dressabelle’s Jeremy Khoo as the new CEO. Khoo will be responsible for driving the company to the next level, building on the solid foundation and momentum achieved by iFashion Group’s management team under its founders and directors, Lau Kin-Wai and Douglas Gan.
“I am excited to have Megafash come on-board iFashion. Jiawen and team performed tremendously well, especially during trying times for the retail sector last year to emerge registering profitable multi-fold growth. iFashion is growing in strength and talent pool and we are moving towards our goal of becoming Southeast Asia's leading online fashion retailer rapidly. I am very pleased with the integration of assets and brands within the group,” said Khoo.
“The brand (Megafash) has grown significantly, from 3 stores in 2015 to 7 stores currently. In times of economic downtown, we are pleased to say that our revenue grew five times from 2015. In December we received as many as 2,000 orders a day. As part of the expansion plans, we are looking to expand our operations overseas and to double our retail outlets in Singapore,” said Jiawen Ngeow, CEO and co-founder, Megafash.
“Our acquisition of Megafash completes our line-up of brands for our IPO. We believe that the acquisition strengthens the iFashion group by extending our offerings from mainly fashion products to lifestyle. In the recent months, iFashion has seen continued growth and change, including the appointment of our new CEO,” said Jeneen Goh, Vice President of Corporate Affairs, iFashion Group.
Dressabelle and Megafash share common functions and enjoy economies of scale such as logistic services, accounting, marketing functions and preferred rental rates at retail malls. While Invade, provides opportunities for the brands to secure prime locations for pop-up spaces, flea markets and permanent retail spaces.
Megafash has a strong presence in physical and e-commerce platform with 7 stores. Megafash’s aptitude in creating a creative and entertaining shopping destination both online and offline resonates well with the consumers. Megafash continues to generate profit and revenue even in trying times. Their annualised revenue for 2016 is reported to be S$8 million. (KD)
Fibre2Fashion News Desk – India
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