Tomas S. Noda III, writing for Deal Street Asia;
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.
Doris Dumlao-Abadilla, reporting for the Philippine Daily Inquirer;
The Ayala group has entered the e-commerce business with a deal to acquire a 49 percent stake in BF Jade E-Service Philippines, which owns and operates Zalora Philippines.
Zalora Philippines is currently the country’s largest online fashion platform offering a wide range of fashion and lifestyle products.
51% of Zalora Ph is still owned by German startup factory Rocket Internet.