Singapore fashion and lifestyle platform iFashion Group has acquired independent designer brands marketplace Megafash in a S$3.15 million (US$2.23 million) cash-and-shares deal.
This follows iFashion’s purchase of lifestyle and fashion brands Dressabelle and Nose, as well as real-estate booking platform Invade.
Megafash was launched in December 2015 with an eCommerce platform and three stores, and now has more than 15,000 sqft (1393.5 sqm) of retail space across seven stores. It also has a presence in Indonesia and Thailand and stocks more than 2000 international indie brands, with 30 per cent of its in-store brands being exclusive.
Its annual revenue last year was reported to be $8 million.
“In times of economic downturn, we are pleased to say our revenue grew five times from 2015,” says Megafash CEO/co-founder Jiawen Ngeow. “In December we received as many as 2000 orders a day.”
iFashion has appointed Dressabelle CEO/founder Jeremy Khoo as new CEO, who will be responsible for driving the company to the next level.
“Our acquisition of Megafash completes our line-up of brands for our IPO,” says iFashion Group VP of corporate affairs Jeneen Goh. The company is looking at going public at the end of April or May.