The Ayala group has completed its acquisition of a 49-percent stake in the country’s leading e-commerce platform Zalora Philippines from Global Fashion Group (GFG).
GFG announced on Thursday the transfer of the shares in Zalora to the country’s oldest business house.
Conglomerate Ayala Corp., through its wholly-owned subsidiary, AC Ventures Holding Corp., invested in ZALORA Philippines alongside wholly-owned subsidiaries Ayala Land, Bank of the Philippine Islands and Globe Telecom.
“This acquisition allows Ayala to capture the growing opportunities in e-commerce,” Ayala Corp. said.
More than 1,000 international, local and private-label fashion brands are currently available on ZALORA Philippines, including a range of international high street brands including Mango, Abercrombie & Fitch, Boss, Calvin Klein and popular local brands such as Bench, CLN and Penshoppe.
“This partnership will allow ZALORA Philippines to keep investing in brand acquisition, marketing, and logistics infrastructure and will leverage Ayala’s key businesses representing some of the country’s leading companies in banking, telecommunications and retail business,” CFG said.