The Philippines’ oldest conglomerate, Ayala Corporation, has purchased ownership stake in BF Jade E-Services Philippines Inc. — the company that owns and operates Zalora Philippines.

In an announcement from Rocket Internet’s Global Fashion Group (the company behind Zalora) the move will give the conglomerate ownership stake over the country’s largest online fashion retailer.

In total, the Group will own a 49 per cent of Zalora — Ayala Corporation itself has bought a 43.3 per cent stake in Zalora while its subsidiaries Ayala Land, BPI Capital and Kickstart Ventures purchased smaller stakes. Public SEC filings said Ayala Land (a real estate firm) bought a 1.91 per cent stake.

The deal is subject to approval from the Philippine Competition Commission.

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In the Philippines, Zalora has over 1,000 brands and 120,000 products on its site — making it the market leader in the fashion e-commerce space.

Founded in 2012, Zalora Philippines is part of Rocket Internet’s Global Fashion Group.

“We are proud of how ZALORA Philippines contributed to the development of e-commerce and fashion in the Philippines. This partnership with Ayala will allow us to further strengthen the leadership position of ZALORA Philippines, as we invest more into delivering the best online fashion shopping experience for Filipino consumers,” said Global Fashion Group CEO Romain Voog in a statement.

From the perspective of Ayala, the company saw the investment as an opportunity to diversify their portfolio by entering a new industry.

“We see the potential of e-commerce in the country and believe that the Ayala group can benefit and add tremendous value to ZALORA. With resources in banking, real estate and telecommunications, the investment presents new opportunities for Ayala to generate synergies throughout the e-commerce value chain,” said Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala.

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In April 2016, Zalora sold its businesses in Thailand and Vietnam.

Photo courtesy of Global Fashion Group.