Fatfish-backed iFashion acquires Malaysian brand NOSE in $3.7m deal

Visual of iFashion group homepage. August 2016

Singapore-based and venture-backed online fashion and lifestyle company iFashion Group, has acquired Malaysian fashion brand NOSE, in a cash and shared deal.

iFashion is backed by VCs and corporate investors that include Fatfish Internet Group, Sovereign Capital, Rimu Group, multi-brand fashion group Fashion DK Group and angel investors Seow Kiat Wang and Tan Chow Boon. The acquisition of NOSE sees iFashion expanding in the Malaysian market.

NOSE specialises in retailing female shoes and handbag and maintains 10 outlet stores in major shopping malls across Malaysia. 2008 saw it expand to the Middle East, where it has franchised seven stories in in the United Arab Emirates (UAE), Saudi Arabia, and Qatar.

NOSE has recently expanded online retailing activities through strategic partnerships with various online marketplaces in Southeast Asia. This acquisition will see it work with the iFashion Group’s Internet retailing platform, leveraging on its expertise to expand its internet presence, receiving support to scale and accelerating its journey to reach economies of scale, in addition to accelerating its online sales.

In an interaction with Singapore Business Review in May 2016, Jeneen Goh, managing director of iFashion Group, had shared that it wanted to aggregate businesses via M&As, given the fragmented and highly saturated nature of the online retailers competing in the fashion e-commerce space. It is aiming to build Asia’s largest online fashion hub through the acquisitor of smaller fashion e-commerce stores between three and five years old.

Goh had said, “Our corporate strategy is to aggregate businesses via mergers and acquisitions in its sectors of interest to create synergy among the businesses. We are looking to achieve rapid growth through values of collaboration, co-existence and synergistic resource-sharing.”

“The online fashion and lifestyle space is fragmented and overcrowded with small businesses. Many brands are operated by small teams with limited resources and most brand owners do not know how to scale their business beyond a certain size,” she’d added.

Since the start of the year, iFashion has acquired Dressabelle, followed by the acquisition of retail space booking site Invade.

Commenting on the development, Goh said, “It is important that our acquisitions are in line with our business goals. The acquisition of NOSE is no exception, it fortifies the synergy between the brands under our umbrella and it also ensures that we are able to move forward as a united team working towards being Southeast Asia’s leading fashion and lifestyle group.”

Also Read:

Singapore’s iFashion acquires Dressabelle for $5.5m

Singapore’s iFashion Group buys INVADE for $1.1m

Fatfish-backed venture platform iFashion Group raises $730k from Rimu

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.