Ayalas complete 49% acquisition of Zalora

The Ayala group has completed its acquisition of Global Fashion Group’s 49-percent stake in online fashion portal Zalora Philippines.

In a stock exchange filing, conglomerate Ayala Corp. announced the transfer of ownership following the signing of the deal last February.

AC Ventures Holdings Corp., together with subsidiaries Ayala Land, Bank of the Philippine Islands and Globe Telecom now own shares of Zalora.

“Through this transaction, Ayala aims to capture the growing opportunities in e-commerce amid a robust domestic consumer market and an increasingly digital environment. Moreover, with businesses in real estate, banking, and telecommunications, this investment provides opportunities for Ayala to create synergies across the e-commerce value chain,” Ayala said.

Zalora is currently the Philippines’ largest online fashion destination offering over 120,000 products across over 1,000 brands in accessories, beauty, clothing, shoes, and sports.

Its online fashion business is complemented by a proprietary, robust, and scalable logistics platform that effectively utilizes online channels and technology.

Source: bilyonaryo.com.ph