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Here are the top headlines you should read about today.

1. VGI Global Media PCL buys 90% stake in Rabbit Pay from BTS Group

The acquisition was for $56 million (1.95 billion baht). VGI Global Media PCL will also leverage from Rabbit’s various platforms, such as Rabbit Finance and Rabbit Daily. Read the rest of the story here.

 

2. Kobe Bryant has launched a $100 million LA based Venture Capital fund

Kobe Bryant invested in Alibaba Group back in 2014, and Jack Ma has opened roads for Bryant in the tech industry. Now that Bryant has launched his own fund, there will be more opportunities for further partnership. Read the rest of the story here.

 

3. Singapore’s iFashion Group has acquired Nose, a Malaysian fashion brand for $5 million

For iFashion, this is the latest in a string of acquisitions made by the company of late. Only last month, it acquired Dressabelle for $5.5 million. iFashion’s aim is to aggregate business across Southeast Asia via mergers and acquisitions. Read the rest of the story here.

 

4. Samsung, Tencent race to become Asia’s most valuable firm

Their surge – both have gained by a third this year – has made them the world’s best performing large-cap tech stocks and highlights how these nimble Asian firms are thriving while rivals Apple Inc and Alibaba have struggled. Read the rest of the story here.

 

5. IKEA Group tests ecommerce in China

If the trial is successful, Ikea plans to roll out its ecommerce services across China as part of its multi-channel retailing strategy. Read the rest of the story here

Fatfish Internet Group, a startup investment company headquartered in Singapore and Australia, has agreed to sell some of its assets to Zurich-based company builder Mountain Partners as part of a strategic partnership to invest in Southeast Asia, reports Tech in Asia.

The assets worth $9.2 million will be housed in a ‘special purpose vehicle’, which will be 100% owned by Mountain. Fatfish will get a combination of shares and cash in the sale.

A joint venture to be branded as ‘Mountain Asia’ will then be formed and majority owned by Mountain, but managed by Fatfish.

Mountain Partners is a global company builder that has been involved in funding over 150 tech businesses, such as members only fashion site, BuyVIP (acquired by Amazon) and food delivery Lieferando (acquired by Takeaway).

Currently, the partners entered into a term sheet, but not a binding contract yet. The whole deal is expected to close in Q4 of 2016.

What is Fatfish?

Fatfish has been compared with Rocket Internet, but without the high profile products.

It acts as a strategic investor in companies by providing them with funding and resources to grow their businesses. The company has backed ventures such as fashion ecommerce website Dressabelle (which has been acquired by iFashion Group) and car insurance service company RajaPremi.

The company did not disclose the amount of assets sold to Mountain Partners, but it did announce that it will continue to hold certain investments on its own. The company has expressed investment interests in gaming studio iCandy Interactive.

The collaboration will focus on building companies in Southeast Asia.

A version of this appeared in Tech in Asia on August 18. Read the full version here

iFashion Group, Singapore-based platform, has announced the acquisition of online fashion store Dressabelle for $5.5 million, reports Deal Street Asia.

iFashion Group covers varied market segments from offline to online ventures in Southeast Asia. Their ventures include:

  • Invade: Real-Time retail booking system with over 35,000 retailers
  • Flea Where: Flea market organization
  • Space Invasion: Pop-up retail concept with a collection of labels

iFashion Group only has presence in Singapore, and Dressabelle has a strong presence in Malaysia and Indonesia with annual revenue run rate of $3.24 million. It is not surprising then, that iFashion Group has Southeast Asian expansion plans in the pipeline.

By joining the iFashion Group, Dressabelle now has a wider product selection and looks forward to forming exciting collaborations with other brands under iFashion.

Aside from regional expansion, Dressabelle customers can expect more frequent collection launches, a wider selection of clothes and collaborative projects under iFashion Group’s management. Dresssabelle’s acquisition suggests that following the ecommerce trends for 2016, companies are choosing to acquire companies rather than build a whole new platform.

A version of this appeared in Deal Street Asia on July 19. Read the full version here.