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This will be its fourth acquisition to date

Singapore-based lifestyle venture platform, iFashion Group, announced today it has acquired Singaporean independent designer brands marketplace Megafash for S$3.15 million (US$2.23 million), in a cash and shares deal.

iFashion group also appointed Jeremy Khoo, the CEO and founder of Dressabelle – an O2O fashion marketplace that it acquired last year for S$7.5 million (US$5.5 million) – as its new CEO.

This new development will strengthen iFashion Group’s position as a major lifestyle portal in Southeast Asia. Megafash has both a strong online and offline presence, with its 7 stores occupying over 15,000 sq ft; its annualised revenue for 2016 is reported to be S$ 8 million (US$5.7 million).

The acquisition of Megafash will also accelerate iFashion Group’s plans to go public. A press release said that the company is mulling an IPO at the end of April or May.

Last year. besides Dressabelle, iFashion Group made two other acquisitions: online retail real estate booking platform INVADE, and Malaysian fashion brand NOSE.

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Image Credit: Megafash

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