SEA’s iFashion Group acquires Malaysian fashion brand NOSE for US$3.7M
With the acquisition of NOSE, iFashion marks their initial expansion into the Malaysia market
iFashion Group, a Southeast Asian online fashion and lifestyle group, has recently acquired NOSE, Malaysia’s fashion brand specialising in female shoes and handbag for US$3.7 million, in a cash and shares deal.
NOSE is one of the most established brands in Malaysia with 10 outlet stores in major shopping malls across the country. The company also expanded to the Middle East in 2008, with seven franchised stores in the United Arab Emirates, Saudi Arabia, and Qatar.
On the e-commerce front, NOSE has recently expanded their online retailing activities via strategic partnerships with various leading online marketplaces in Southeast Asia.
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By joining the iFashion Group, NOSE will be working with the iFashion Group’s Internet retailing platform and expertise to expand its direct presence on the Internet to reap the global e-commerce distribution potential of its products.
iFashion will help NOSE to accelerate online sales and gear them up into a global online e-commerce player in women’s footwear. NOSE will also have a greater market access to expand into the rest of the Southeast Asian countries like Singapore and Indonesia.
With the acquisition of NOSE, iFashion marks their initial expansion into the Malaysia market.
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“It is important that our acquisitions are in line with our business goals. The acquisition of NOSE is no exception, it fortifies the synergy between the brands under our umbrella and it also ensures that we are able to move forward as a united team working towards being Southeast Asia’s leading fashion and lifestyle group. We are thrilled to have NOSE on board and we look forward to exciting times ahead,” said Jeneen Goh, Managing Director of iFashion Group, in a press statement.
Headquartered in Singapore, iFashion Group is currently backed by VCs and corporate investors that include Fatfish Internet Group, Sovereign Capital, Rimu, Fashion DK Group and prominent corporate angel-investors Seow Kiat Wang and Tan Chow Boon.
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