Marking a significant exit for the local startup scene in 2016, iFashion Group, a Singaporean-based lifestyle venture platform, announced today it has acquired the O2O fashion platform Dressabelle for S$7.5 million (US$5.5 million).
The acquisition will be paid in a mix of cash and shares.
Today’s announcement is in-line with a deliberate business strategy from iFashion to actively push an M&A business model. In April 2016, the company acquired INVADE — an online retail real estate booking platform — for S$1.5 million (US$1.1 million).
The official announcement hinted at potential acquisitions in the future — citing Dressabelle’s experience in the industry as an asset to curate other smaller brands for potential purchase.
“We are excited to be on this venture together with Dressabelle. We believe that this acquisition strengthens the group as a whole by reinforcing the good synergy between the brands under our group,” said iFashion Group Managing Director Jeneen Goh in an official statement.
The Singapore-based Dressabelle has a presence in Indonesia and Malaysia and an annual revenue run rate (a term used to predict potential revenue) of S$3.24 million (US$2.4 million).
Dressabelle CEO and Founder Jeremy Khoo said the deal means customers can expect more frequent collection launches, a wider variety of items and collaborations with other brands under the iFashion umbrella.
“[iFashion] is a great platform for us to continue to strengthen Dressabelle’s position as a regional e-commerce fast fashion label. We look forward to bigger and better things on the horizon for iFashion and Dressabelle,” Khoo said in an official statement.
As an O2O platform, the online portion works like a standard e-commerce platform but is unique in its offering of a one-day alteration service.
The company also has physical locations across Singapore at [email protected], 100AM Mall, The Centrepoint, and Suntec City.
The company is in an expansion phase across Southeast Asia.
With the deal, customers should see more brick-and-mortar pop-ups in the future — especially considering the other iFashion brand INVADE specialises in retail real estate.
In March 2016, iFashion raised S$1 million (US$740,000) from Rimu Group. The company is backed by the corporate venture Fatfish Internet Group.