Home / Knowledge / News / Apparel/Garments / iFashion Group acquires lifestyle marketplace Megafash
iFashion Group acquires lifestyle marketplace Megafash
09
Feb '17
iFashion Group, leading online fashion and lifestyle group in Southeast Asia, has acquired Megafash, Singapore’s prime lifestyle marketplace for S$3.15 million (approximately $2.23 million), in a cash and shares deal. The acquisition strengthens iFashion’s portfolio and paves the way in securing an IPO along with expanding its product offering.

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


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 26th Nov 2020

Bangladesh wants duty-free entry of 42 products into Nepal

Bangladesh has sought duty-free entry of 42 products, including...

Pic: Shutterstock

Textiles | On 26th Nov 2020

Curbs on exports to China may cripple Oz wool industry

The Australian wool industry may witness a crippling effect of...

Pic: Shutterstock

Retail | On 26th Nov 2020

BRC hails UK govt decision to open all retail after Dec 2

In response to Prime Minister Boris Johnson's announcement that all...

Interviews View All

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Textile industry, Head honchos

Textile industry
Head honchos

It is a well-calibrated budget

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Carmen Silla,

Carmen Silla

Leading the transformation of the textiles industry with disruptive...

Amol Bhagwati,

Amol Bhagwati

A textile finishing solution provider, Inspiron Engineering Private...

Hans Gerhard Wroblowski,

Hans Gerhard Wroblowski

Germany's Monforts is a leading manufacturer and exporter of textile...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search