Singapore-based online fashion and lifestyle platform iFashion Group that was recently in news for its fourth acquisition, has said the latest buy of local curated lifestyle marketplace Megafash will be its last deal before its planned listing this year.
Post the listing, which is expected to be complete sometime in April or May, iFashion will acquire more brands and proceed with its plan for internal expansion of the current brands, the company’s newly appointed CEO Jeremy Khoo told DEALSTREETASIA in an email interaction. Khoo was earlier leading Dressabelle that iFashion had acquired.
“We are also looking to groom new brands in the market…The focus will be the SEA market in the near future. The plan is for iFashion to have our own e-commerce website (think ASOS) in the future housing our own brands and others,” Khoo told this portal.
The company’s Megafash acquisition (that was announced on February 6), follows earlier buys of lifestyle and fashion brands like INVADE, Dressabelle and NOSE. These acquisitions are part of the firm’s effort to strengthen its portfolio and pave the way for listing.
The latest deal was funded through raising additional undisclosed funding from existing investors in iFashion.
Meanwhile, with regard to the listing, the firm has said that it has not yet decided on the destination (read exchange) for the listing even though there are reports that the firm could be listed on the Australian exchange.
Khoo did not divulge details on the valuation the company was seeking when it lists, or provide other details about the process.
However, Khoo revealed that one of the founders of iFashion, Lau Kin-Wai was leading the Initial Public Offer. He also added that Wai has successfully taken four other tech companies public so far, with i-Candy being the latest.
iFashion was founded by Lau Kin-Wai and Douglas Gan and is currently backed by VCs and corporate investors that include Fatfish Internet Group, Sovereign Capital, Rimu, Fashion DK Group and prominent corporate angel-investors Seow Kiat Wang and Tan Chow Boon.