Malaysian fast fashion brand NOSE has demerged from Singaporean iFashion citing differences in corporate objectives.
“Based on differences in corporate objectives for both organizations, iFashion Group and NOSE have agreed that NOSE will part ways from this corporate partnership,” said an announcement from iFashion. The firms did not disclose the financial impact of the demerger.
For iFashion, the acquisition of NOSE was one of its most recent in a string of mergers including Megafash, INVADE, and Dressable. The deal was signed last August detailing that the Malaysian fashion brand which specializes in the production of women’s shoes and handbags to be purchased for US$3.7 million.
These acquisitions were part of the firm’s effort to strengthen its portfolio and pave the way for listing. “Plans are still underway for iFashion Group to IPO and the group is working towards achieving its aim of listing on the stock exchange this year,” said the firm in an announcement.
“We are also looking to groom new brands in the market. The focus will be the SEA market in the near future. The plan is for iFashion to have our own e-commerce website in the future housing our own brands and others,” explained iFashion’s CEO Jeremy Khoo.
Meanwhile, the firm is still undecided on the country to be listed but there are media reports circulating that the firm could get listed on the Australian exchange. Post-listing, iFashion will continue to acquire more brands and proceed with its plans for internal expansion of the brand.
iFashion is a Southeast Asian online collaborative venue platform that fuels fashion and lifestyle brands. The company’s list of backers includes Fatfish Internet Group, Sovereign Capital, Rimu, Fashion DK Group and prominent corporate angel investors Seow Kiat Wang and Tan Chow Boon.
By Vivian Foo. VCNewsNetwork