Ayala completes acquisition of GFG’s stake in Zalora Philippines

Philippine conglomerate Ayala Corp has completed its acquisition of Global Fashion Group’s (GFG) 49 per cent stake in online fashion portal Zalora Philippines.

Ayala and GFG announced the transfer of the ownership on Thursday, August 31, following a strategic partnership agreement signed by both firms last February.

Financial details of the deal are undisclosed.

Ayala through its wholly-owned subsidiary AC Ventures Holding Corp will be investing in Zalora Philippines alongside wholly-owned subsidiaries of Ayala Land, BPI Bank and Globe Telecom.

In fact, the Ayala subsidiaries including venture capital Kickstart Ventures have subscribed to the shares in BF Jade E-Service Philippines Inc, the owner and operator of Zalora Philippines.

GFG claims more than 1,000 international, local and private-label fashion brands are currently available on Zalora Philippines, including a range of high street brands.

Approximately 60 per cent of Zalora Philippines’ orders are made by customers outside Metro Manila.

“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,” GFG said in its statement.

GFG is a top online fashion destination for emerging markets operating with five branded platforms in 24 countries and employ over 9,000 people.

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