A SINGAPORE-based collaborative fashion platform, iFashion Group, has acquired online clothing store Dressabelle for US$5.5 million (SG$7.5 million) in a cash-and-shares deal.
In a move that is said to be part of the platform’s strategy to become a leading fashion retailer in Southeast Asia’s online market, iFashion’s acquisition will enable them to offer more services and products through Dressabelle.
Dressabelle, which is also based in Singapore, has an annual revenue run rate of SG$3.24 million and is popular in Malaysia and Indonesia, according to Deal Street Asia.
The online shop also offers alteration services to make sure customers get the best fit, one of the few fashion sites to offer such a feature.
CEO and founder of Dressabelle, Jeremy Khoo, said the acquisition will “strengthen the group as whole”, and that e-shoppers can look forward to “more frequent collection launches”, as well as “exciting collaborations” with the iFashion Group.
Tech in Asia reports that the venture platform intends to model itself after South Korea’s digital media and marketing network, Yello Mobile – which raised US$180 million in February and has acquired over 80 startups since its launch in 2012.
iFashion announced in March that it was planning to build Asia’s largest online fashion hub using the same acquisition strategy. Managing director Jeneen Goh said in a press statement that the group wants to help young fashion brands realize their potential.