Thursday, 25 August 2016
SINGAPORE: iFashion Group, a Southeast Asian online fashion and lifestyle group, has acquired Malaysia’s NOSE, bringing it one step closer to becoming the region’s largest fashion and lifestyle online retailer.
NOSE, Malaysia’s fast fashion brand specialising in female shoes and handbag, was acquired for S$5 million (S$1=RM2.99) in a cash and shares deal.
The acquisition of NOSE, one of the most prominent and established brands in Malaysia with 10 outlet stores in major shopping malls across the country, marks iFashion initial expansion into the Malaysian market.
“It is important that our acquisitions are in line with our business goals,” iFashion Group Managing Director Jeneen Goh said in a statement Wednesday.
“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,” Goh said.
NOSE has expanded to the Middle East in 2008, with seven franchised stores in the United Arab Emirates, Saudi Arabia, and Qatar.
On the e-commerce front, NOSE has recently expanded its online retailing activities via strategic partnerships with various leading online marketplaces in Southeast Asia.
By joining the iFashion Group, NOSE will be working with the iFashion Group’s Internet retailing platform and expertise to expand its direct presence on the Internet to harvest the global e-commerce distribution potential of its products.
iFashion will help NOSE to accelerate online sales and gear it up into a major global online ecommerce player in women’s footwear.
Furthermore, NOSE will also have access to a greater market access to expand into the rest of the Southeast Asian countries like Singapore and Indonesia.
Source by: Bernama