Zalora gets funding for Philippines branch
by Lakshmi Patel
The Philippines’ Ayala Corporation has forayed into ecommerce with the purchase of a huge stake in Zalora Philippines for an undisclosed sum. The nation’s oldest conglomerate, owned by the seventh richest family with a US$4.1 billion net worth, announced it signed a deal for a 43.3 percent stake in BF Jade E-Services, which owns and operates the fashion ecommerce site in the archipelago. Ayala subsidiaries Ayala Land (property and mall developer), BPI Capital (investment bank), and Kickstart Ventures also bought small stakes. Together the group owns 49 percent of Zalora. The rest is still owned by majority shareholder, German startup factory Rocket Internet. “The investment demonstrates how we, at Ayala, look at innovation and growth opportunities. We see the potential of ecommerce in the country, and believe that the group can benefit and add tremendous value to Zalora,” says chairman and CEO Jaime Augusto Zobel de Ayala in a statement.
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